Frequently asked questions
Clear answers to recurring questions. Individual cover always depends on the specific policy and risk.
Which insurance does a business need?
This depends on the activity, size, location, assets, employees, contracts and potential consequences of a loss. Liability, property, business interruption, legal expenses, cyber, transit and technical covers are often relevant.
Is business liability insurance compulsory?
There is no general requirement for every business. Certain professions and activities may be subject to statutory, professional or contractual requirements.
What is damage to property being worked on?
It is damage to property that is directly worked on, used or held in custody. Standard policies may exclude it partly, so extensions must be reviewed carefully.
How are sums insured determined?
Buildings, contents, stock, machinery, liability exposure and possible major losses must be valued realistically.
Is cyber insurance useful for small businesses?
Small businesses can also suffer data loss, extortion, downtime and privacy incidents. The key issue is dependence on IT and data.
What does business interruption insurance cover?
It may replace lost contribution margin and continuing expenses after an insured property loss. Trigger, indemnity period and sum insured must fit the business.
Can existing policies be reviewed?
Yes. We review the business description, sums insured, deductibles, exclusions, duties and interfaces between different covers.
What should be done after a loss?
Limit the damage, preserve evidence, avoid unnecessary admissions, observe deadlines and notify the loss promptly.