Business Insurance is an increasingly important aspect of the business. Red Insure is insurance brokers based in Chester. Covering all aspects of insurance for business to ensure a fully comprehensive cover for companies of all sizes.
In the US around 97% of all companies have
cyber insurance, compared to around only 5% of UK-based companies who take out
cyber insurance. So why is this? Is it to do with the process or different
markets? Or merely awareness?
Well, it is a relative unknown, but we believe could possibly be down to just lack of awareness and the awareness around what cybersecurity covers you for. The common conception is that cyber insurance covers you for malware or cyber-attacks on your digital assets, but the majority of cyber claims are actually made from human error, i.e a misplaced memory stick containing a database of sensitive information.
Insurance Chester, from Red Insure, offers clients numerous cover packages and with an in-house Underwriting team, you’ll be sure to get the protection you deserve.
The Most Common Types of Business Insurance
Product liability insurance
Business interruption insurance
Officers and Directors Cover
These are the most typical types of
insurance policies that a broker may recommend to a business owner looking to
protect his/her company through insurance.
Professional indemnity is always a safe bet for Directors trying to protect themselves, this policy typically covers legal costs and expenses incurred in your defense, including any damages or costs that are awarded. Professional indemnity is very often referred to as simply “PI”.
Business interruption insurance is
insurance coverage that replaces any income lost in the event that your
business operations are stunted due to a number of reasons including natural disasters
such as wildfires, tsunamis or other natural disasters. Some policies also
offer a move to a temporary location as well, which may come in handy.