Most small and mid-sized businesses are aware of the importance of having business insurance but often simply opt for general property and liability insurance and call it a day. While these policies cover most of the basics, there may be gaps in your insurance that can leave your business exposed to risk and financial loss.
Here are some of the most common gaps we see in business coverage and an overview of more specialised policies and endorsements that may help you protect your business, and help your business recover after a covered loss. Keep in mind that individual policies can vary widely, so it’s always important to review your coverage options with your agent or broker.
As an employer, you know that there are certain rules and regulations you need to follow for how you treat your employees, and what you can reasonably expect from them. These days, with more people working from home, and added health and safety considerations for those in the workplace, it can be more difficult than ever to know exactly the right approach — potentially increasing the risk of an employee suing, based on claims of:
Company management is also at risk — directors and officers can be personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing the company.
Consult your insurance agent or broker about adding these coverages to help close potential gaps:
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Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
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