Business Insurance

Business insurance is a contract that protects a business from financial losses due to unforeseen events, such as a customer injury, property damage, or professional error. It is a broad term that can cover many risks, and different policies are available for different needs, like public liability, professional indemnity, and business interruption insurance.

Common types of business insurance

General liability insurance: Covers costs from lawsuits related to bodily injury, property damage, and advertising injury
Product liability insurance: Protects businesses that manufacture, wholesale, or sell products from claims of financial loss caused by a defective product.
Professional indemnity insurance: Covers businesses that provide professional services against claims of negligence, errors, or malpractice, such as a consultant giving bad advice.
Commercial property insurance: Covers damage or loss to business property, including buildings and stock, from events like fire, theft, or storms.
Business interruption insurance: Replaces lost income if the business has to temporarily close due to a covered event, such as a fire or flood.
Key-man insurance: Provides a payout if a vital employee or owner dies or becomes incapacitated, helping to cover lost revenue.
Cyber insurance: Covers financial losses related to data breaches and cyber-attacks.

How it works:

Risk management: Insurance is a form of risk management to protect against unexpected events that could lead to financial hardship.
Policy-dependent: What is covered depends on the specific policy and the needs of the business. Some policies are basic, while others are specialized
Varying coverage: The type and amount of coverage needed will vary depending on the business. A manufacturing business will need different coverage than a consultancy or a retail store.

At Riskify Insurance, we believe that true protection goes beyond policies — it’s about people, trust, and peace of mind.

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