Business Insurance
Useful for: Business, Government, Local Government
In Brief
- It is important for all businesses, however small, to carry insurances appropriate to its particular risks and to review those insurances as the business grows or changes.
- Ensure you have a working understanding of the policy terms, including inclusions and exclusions, and any policy specific requirements – for example the obligation of an insured under a professional indemnity policy to notify potential claims.
- Be scrupulously honest when applying for insurance, and never admit liability without the involvement of the insurer.
- Be cautious when entering into contractual arrangements that attempt to limit your (or another party’s) liability or contain guarantees or indemnities. Care must be taken to ensure that the insurance provisions are drafted to tie in and work properly with any such provisions.
- Consult an insurance broker for specific advice about kinds of cover, exclusions, explanation of policy provisions and costs involved.
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