Business insurance
liability, property, business interruption, D&O — what a company needs
Business insurance
Liability:
Third-party liability — the base for any business with clients/office.
Property:
Office, warehouse, equipment against fire, flood, theft — insure at replacement value, not book value.
Business interruption (BI):
Compensates lost profit and fixed costs while you recover after an insured event.
D&O:
Directors' liability — protection from lawsuits over management decisions.
Professional indemnity:
For consultants, architects, medics, auditors — an error in work = client lawsuit.
Cyber:
Data breach, ransomware, fraudulent transfers — for businesses with personal data.
Personnel:
Work accident insurance — mandatory for some professions, good for all.
Summary:
Minimum for a small business: liability + property + employee accident. BI and D&O — when contracts and staff appear.