As a business owner there are many competing interests for our hard earned cash. Especially in the current economy where every penny counts.
An important element to consider is insurance for your business and we are below highlighting the most critical insurances for a business:
1: Asset Insurance:
After acquiring assets or stock for your business, it is important to insure them against any eventuality. Fire, theft or damage from various perils are some risks that can be covered against. Some important assets such as Laptops, Phones, Cameras can also be covered even though they are used outside the premises. This is All risk insurance and they can be insured on a world wide basis in case of damage or loss.
- Medical insurance:
For business owners this is an important cover to have especially in case of Inpatient admissions. We know that most hospitals require a down payment of nearly 200,000 before admission can happen. This is a huge amount for any business to fork out but can be easily covered through insurance. There are many affordable options in the market for small and medium enterprises. An SME with 3 employees can easily get an affordable solution. To make ity even better, the premiums can be paid in easy monthly installments. Talk to us for quality and affordable Medical solutions
- WIBA (Work Injury Benefits Act):
This cover compensates businesses and their employees in case injury, illness or death while in the course of duty. It is important to have this cover since the law expects that in case of death the employee’s dependants will be compensated up to 8years earnings. Imagine a scenario where this happens and the insurance is not in place! The business will be expected to foot the compensation bill! The premium is calculated based on the occupations of staff and their Salaries. This can be enhanced to include the GPA component and make it 24hour worldwide.
- Professional liability insurance:
There are professions that strictly require one to have a liability insurance cover in case of omissions or oversight while advising the client. This can result in court cases and claims from the customers. To protect themselves companies, need a professional indemnity insurance that is generally affordable and can be customized based on the industry. Doctors, Lawyers, CPA’s, Architects, Quantity surveyors are professions that usually take this cover. It is also recommended for institutions that employ these professions such as Hospitals, Clinics & Medical centers.
- Public Liability Insurance:
As we carry out our income generating activities, our customers, visitors or suppliers come into our premises. They are exposed to various accidents or incidents that could raise claims against our businesses. Imagine a customer slipping on the floor and breaking an arm or a fruit falling off a tree and damaging a vehicle parked below it. To ensure we don’t leave our businesses exposed a public liability cover is a must. It is a very affordable insurance and usually is a rider to the other covers.
Are you an SME Owner and wondering how to manage your insurance costs? Talk to us today for quality and affordable insurance solutions.
Peter Macharia
Kingvale Insurance Agencies
0721424845/0733727036
“Your Peace of mind our concern”