Managing Business Insurance - Commercial Property Insurance - Macbeths

Managing your Business Insurance

No matter how safe a working environment you maintain, there is always a risk that an employee could be injured at work leaving your business exposed to expensive compensation claims. But this is just one of the many risks facing business owners today. So what are the key risk areas within your business and what types of insurance do you need to protect your company against them?  Plus, how can you review and manage your requirements in the most efficient and effective way?

Let’s start by matching the main business risks with the right cover options:


RISK: Employees, stakeholders, government

COVER: Management liability cover – financial cover for claims from stakeholders over mismanagement of the business, from employees over mistreatment, from breaches in health and safety, and tax laws.
COVER: Directors and Officers Insurance – personal financial cover for individuals (directors or officers) in respect of the committal or alleged committal of a ‘wrongful act’.
COVER: Employers’ liability insurance – financial cover for claims due to employee injuries.

RISK: Customer and customer data

COVER: Professional indemnity insurance – financial cover for claims over a financial loss incurred due to the non-performance or damage caused by your product or service, or loss of customer data.
COVER: Public liability insurance – financial cover for claims over customers injured on your premises.
COVER: Product liability insurance – financial cover for claims over injury caused by a defect in one of your products.

RISK: Contracts, Intellectual property

COVER: Legal expenses insurance – financial cover for defending against legal claims for incidences such as breach of business contract or infringing of intellectual property (copyright, trade mark, patent, design right, confidentiality) of another company.

RISK: Premises, equipment and business disruption

COVER: Buildings and contents insurance – cover for loss or damage to your premises and its contents.
COVER: Business interruption insurance – financial cover for losses due to your business being unable to operate. Can be due to storm, fire, flood, burglary or equipment failure.

RISK: Cyber threats and technology

COVER: Cyber liability insurance – financial cover for losses due to cyber attacks that affect your ability to operate.

COVER: Business interruption insurance – financial cover for losses due to your business being unable to operate due to an IT failure.


There are several other insurance options to cover more specific risks and the best way to make sure you have your business protected against all possible dangers is to arrange a meeting with a chartered insurance broker who’s experienced and qualified at arranging cover for your sector.

Once you have established the insurance protection your business needs, you should manage and review it on a regular basis. This keeps your policies up to date and relevant, while also ensuring any new aspects of the business are covered.

The most effective and efficient way of doing this is to allocate the duty clearly to one or more members of staff and make sure they understand their responsibilities in this area and the importance of the role.

If you don’t take a strategic, organised approach to business insurance you are likely to be left under-insured, which could prove disastrous to your organisation.

Changes such as new terms of business, overseas trading, expanding workforces, new technologies, new lines and revised methods of production are all factors that can increase risks to your business. Consequently, your insurance should change with your business and its marketplace.

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*Information correct as of 1st May 2016

Author: Tony Gibbs | January 15th, 2015

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Tony Gibbs

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