What is a Business Insurance?
A business insurance protects your company against financial losses resulting from, for example, damage to property and assets, liability claims, and personal injuries. Lack of coverage in the event of such unexpected incidents can have serious consequences for the future of the business if disaster strikes.
The Different Types of Insurances
Do you know the different types of business insurances and which ones your company needs? Learn more about the most common types of business insurances here.
What Does a Business Insurance Cover?
There are many different types of business insurances, and your company will likely not need them all – it depends entirely on what the business does and whether it has employees. For example, a construction company will probably have different insurance needs than a business that sells clothing through an online store.
Earlier, we listed various types of business insurances that your company might need. However, the world of insurance can be overwhelming and time-consuming for many to understand. Therefore, it can be a good idea and very helpful to have an insurance broker with knowledge and experience in business insurance to advise you when making decisions about securing your company’s assets.
Mandatory and voluntary Business Insurance
There are both mandatory and voluntary business insurances. The types of insurances your business needs depend on the type of business you have and whether you have employees. Additionally, you should be mindful of the distinction between personal insurance and business insurance, as personal insurance does not cover the things you use in your work.
Business Insurance Advice
When you have a business, it is crucial to consider which business insurances your specific type of business needs to be covered in the event of unforeseen incidents such as fire, personal injuries, cybercrime and vandalism. If your business is not covered properly and disaster strikes, it can lead to significant financial consequences and possibly even mean the end of the business.
However, the world of insurances is quite complex, and it can be time-consuming to familiarize oneself with the legislations and all the many different types of business insurances available. Additionally, there’s the time required to request tenders from multiple companies, compare terms, and read all the fine print. For many, it is a relief to delegate this task to an insurance broker who has the necessary knowledge and experience to guide you to the best possible solution, tailored specifically to your company.
If you are unsure if your company is sufficiently insured in the event of unforeseen incidents, we can help. Regardless of your industry, we offer comprehensive advice on business insurance for small, medium and large businesses, ensuring you have the right coverage should the unexpected occur.
What Does an Insurance Broker Help With?
An insurance broker helps ensure that your business is sufficiently covered in the event of unforeseen incidents and accidents – both the obvious ones and those you may not have considered. This includes:
- Assessing your risks and needs based on historical data and market trends
- Ensuring that the insurance requirements in your agreement are met so that coverage is valid when needed
- Obtaining tenders/offers from multiple providers to secure the best possible solutions in terms of coverage, terms and price
- Continuously updating your business insurance to align with your company’s evolving needs, ensuring you always have the most optimal solution
At Söderberg & Partners, we see our relationship with our customers as a partnership. That is why you will have a dedicated advisor, who has in-depth knowledge of you, your business, and your business insurances - always ready to assist with any questions or support you may need. Fortunately, the vast majority of our customers are very satisfied with the collaboration, giving us an impressive 4.8-star rating on Trustpilot. Read here what some of our customers say about working with us.
We Often Get These Questions
A business insurance policy refers to the various types of insurance associated with a company.
Within business insurance there are different types of insurances, for example:
- building insurance, which covers damages related to buildings.
- personal insurance, which provides financial security for the policy holder and their family in case of unforeseen events.
- contents insurance, which covers the company’s movable assets, such as furniture, production equipment, inventory, etc.
A business insurance policy covers the areas of a company that are insured. This may include property or liability insurance, such as:
- workers’ compensation insurance, which ensures employee protection in case of work-related injuries
- contents insurance, which safeguards the company’s finances by covering damages to furniture, production equipment, inventory, etc.
- transport insurance, which protects the company’s shipments during transit.
You cannot see that anywhere. When assessing which insurance policies a company needs, one must base the evaluation on the specific business.
It is not mandatory to have contents insurance, but it provides excellent protection for a company’s assets. Contents insurance is a type of home insurance for businesses. It covers the company’s movable property and inventory, such as tools, machinery, and goods, against potential damage and loss due to incidents like fire, theft, water damage, etc.
As a business customer, you are not automatically covered for theft in your online banking. The bank is not obligated to cover losses on business accounts as they are with your private accounts. Instead, you might consider taking out an online banking insurance for businesses, so you are covered for financial loss, resulting from a break-in to your business online banking.
You report the damage to the insurance company where the business insurance is taken out.
Insurance companies are only obligated to assess the specific damage reported, for example, water damage that has ruined a wall. Therefore, consider having an insurance advisor by your side, so that during the claims process, other consequential damages such as moisture, water damage, insulation, etc. are also checked.
The price of a business insurance depends on the type of business. For example, a company that performs construction and renovation tasks will have different needs than a company that runs an online store.