Your business is the fruit of your hard work and the fulfilment of your dreams. Stay secure and protected with business insurance.

I heard a lot of stories from OFWs and full-time employees dreaming of having their own business in the future. I’ve seen some of them fulfilling this dream with hopes that this will enable them to have financial independence and at the same time have more time with their family, work their own hours or pursue a passion. But starting a business exposes entrepreneurs to certain risks that can lead to loss or bankruptcy. Thus, the need to secure and protect every business is a must.

A lot of insurance companies offer business and property insurance in the Philippines. If you’re planning to get one for your business, here are 4 important things to look for in a business insurance.

Property Insurance

Property insurance provides coverage for your business against loss or damage resulting from any of the ff.:

• Fire and Lightning
• Typhoon
• Flood
• Earthquake
• Smoke Damage
• Bursting or Overflowing of Water Tanks/Pipes/Fittings
• Sprinkler Leakage
• Explosion
• Strikes and Malicious Damage
• Vehicle Impact
• Falling Aircraft

It also includes built-in extensions namely:

• Debris Removal
• Professional Fees
• Fire Fighting Expense

NOTE: Check the sum insured to see if it’s worth it to get insurance as you might be paying more than what you need.

Comprehensive General Liability (CGL)

Comprehensive General Liability or CGL covers business-related legal worries. It provides protection to the Insured’s business against third-party claims for bodily injury and/or property damage due to accidents for the Insured’s business operations or within business premises.

CGL offers specific extensions based on the type and nature of the business.

One lawsuit or catastrophic event could be enough to wipe out a small business before it even has a chance to get off the ground. – John Boitnott

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Personal Accident Insurance (PA)

Personal Accident Insurance or PA protects the declared employees in the event of accidents resulting in death and dismemberment within the period of coverage.

As a business owner, you should be ready to extend more than your sympathy. If your employees are prone to accidents, this coverage is a must.

Money, Securities, and Payroll (MSP)

Money, Securities, and Payroll or MSP compensate for the loss of money or securities stored within the Insured’s business premises due to burglary or robbery. This cover will respond for loss of money-in-transit due to robbery to and fro the business premise and the bank.

Don’t let yourself dwell on a day’s loss.

If you find yourself at risk (well, yes, you are) and want to stay protected, consider having insurance for your business. You can find all of these from Malayan insurance Business Protect. To apply and learn more about Business Protect, just click ‘Get A Quote’ from this link.

Insurance is a way to protect your assets. As they say, it is better safe than sorry. Don’t let your dream turn to ashes without even a chance to get up.

4 Important Things To Look For In A Business Insurance