If you are working in the insurance industry then you may be aware of the risks associated with carrying out business deals in Nigeria. Recently there have been a number of stories in the media relating to scams and scandals where unsuspecting Westerners have paid large sums of money to Nigerian scamsters in exchange for awarding them business contracts in Nigeria. The reality is that the vast majority of African countries are safe for doing business and that businesses can go ahead as long as they conduct themselves in a reasonably professional manner. However, there are some very common myths and misunderstandings that you should be aware of. For a more in-depth view into the scam issues surrounding business insurance and coronavirus, read the article 'What you should know about business insurance and coronavirus.'
Many people are under the impression that business insurance and coronavirus are synonymous, when in fact they are not. Each has its own specific characteristics, benefits and features, and you should be aware of them before investing in either. Business insurance will typically cover you for any losses incurred due to theft, fire or storm, while a coronavirus policy will focus on the national crime statistics in your country. Both are designed to provide financial protection for you and your staff, so it is worth your while to investigate further both types before making a decision regarding which one to take out.
It seems that most businesses are inclined to opt for business insurance because of the need for employee and employer cover. However, it should be noted that in order to achieve the best value for money, it is often more cost-effective to pay for an umbrella policy that provides you with all of the essential policies you require. This can include accidental death, injury, legal costs, payment protection premiums, accidental dismissal and the relevant national laws and regulations regarding your business. If you are going to opt for the former, this is probably the most economical way to meet your needs, though bear in mind that the premiums will be dependent on your personal circumstances. If your businesses unique requirements are different, you may find that paying for a comprehensive policy will be far more financially viable and will actually save you money.
One of the main features that businesses take into account when selecting business insurance is whether or not they can be afforded to payout compensation if they were to suffer a complete loss or interruption of their day to day activities, such as a breakdown or a fire. In addition, if you choose to take out accident and injury coverage, you will have protection against injury and disease caused by unauthorised entering, vandalism and theft. While it is important to know whether you can claim for these eventualities, you will also want to check to find out what restrictions there are regarding these claims.
The majority of UK insurers will offer a wide selection of benefits available when choosing a suitable business insurance policy. In addition to offering protection against unexpected interruption and damage, insurers will typically include protection against acts of violence, pollution and disasters. You may also wish to consider additional benefits that may be available, depending on your industry. For instance, those working in the creative sector may benefit from additional cover against libel and slander as well as accidental dismissal. While these are the standard benefits, many insurers will take into account other factors, such as an applicant's industry focus and potential for generating a high level of turnover.
One thing to keep in mind when choosing a business interruption insurance policy is that the premium may be based on the business size. Larger companies will generally pay more for protection against potential claims, while those operating in smaller enterprises will be expected to pay less. The larger the company, the higher the risk and consequently the higher the premium; conversely, the smaller the enterprise the cheaper the premiums are likely to be. An excellent means of ensuring that you get the best price for your business interruption insurance is to ensure that you take into account the unique circumstances of your business. If you're a small start-up operating in a relatively new industry, it may be worthwhile considering specialist indemnity insurance to protect your staff. You could also consider raising your business rating, which will give your insurer additional confidence that your business has a high level of commercial protection.
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