Take Action to Optimize Your Business Management
LET'S GET STARTEDGet business insurance
Business insurance protects you from the various risks of running a business. Accidents, natural disasters, and lawsuits could force your business to close if you are not protected with a proper insurance policy.
Common types of business insurance
Even with risk management controls in place, there are contain catastrophes that may occur which are beyond the business’ ability to control. Common types of business insurance in the Cayman Islands include:
Insurance type | What it does |
|---|---|
| Public Liability Insurance | This coverage protects against financial loss as a result of malpractice, errors, and negligence. |
| Worker’s Compensation | This covers injury to workers while performing services. |
| Property Insurance | This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. |
| Employees Health Insurance | It is required by law that employers provide their staff with Health coverage. A group health insurance package may be beneficial if you have several employees, and want their coverage to include dental and vision. |
Check with your insurance provider to see if they offer a “bundle” package that combines several of the typical coverage options into one. Simplify the insurance buying process into one package can save you money.
Process
When looking for coverage, use this process:
- Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. For example, if your business is located close to sea level think of the risk from seasonal events such as hurricanes or tropical storms. Commercial property insurance will help protect against loss.
- Determine the amount of insurance you need. If the potential financial risks are high, do your research on potential loss amounts which would threaten the closure of your business. If the potential loss is small, the insurance premiums you may have to pay may be higher than the loss amount.
- Find a reputable licensed agent. Commercial insurance agents can help you find policies that match your business needs.
- Shop around. Prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different agents.
- Re-assess as your business changes. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.
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