BIDC SMALL BUSINESS GUIDE 06 |

Covering your Risks

BIDC SMALL BUSINESS GUIDE 06 | Cover ing Your R i sks

Risks are an inherent feature of business activity and ultimately, the survival of any business depends in large measure on the extent to which it can avoid, minimise or cover the various risks to which it might become exposed from time to time.

Some events or developments in the business environment may be predictable and so the related risks could conceivably be avoided

or minimised by appropriate and timely management decisions. However, there are others which are not only unpredictable but could be catastrophic for a business, especially a small one, if the related risks are not adequately covered by insurance in the event that they do occur. It is therefore a matter of vital importance that small businesses should have such risks covered at all times by insurance. The truth is that the advantages of such coverage far outweigh any perceived disadvantages.

There are various types of insurance policies available to businesses locally, which cover risks involving unpredictable occurrences that might affect the various activities or the property of a business. This brochure summarises such policies purely for the purpose of making you aware of them. However, you must take the initiative to consult a general insurance company or insurance broker of your choice, to discuss with them, the type of insurance that may be most suitable for your particular business.

Employers’ Liability Insurance

Public Liability Insurance

This type of policy, will insure your business against claims for damages that may be made by employees in respect of injury or disease suffered as a result of being in your employ. There are some areas for which insurance companies will not be responsible such as any injury by accident or disease sustained outside of the geographical area of your business (i.e. outside of Barbados).

This policy indemnifies or covers your business against all claims for damages made by members of the public, that may arise as a result of the following occurrences on your premises or as a result of your services:

N.B. In the case of Employer’s Liability and Public Liability, the extent of the liability coverage for the business can be determined by you but the premium you will have to pay for it, will vary depending on the amount of liability that you choose to purchase.

Accident, death, bodily injury or illness Accidental loss of, or damage to property

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BIDC SMALL BUSINESS GUIDE 06 | Cover ing Your R i sks

This policy covers you against loss or damage to stock (inventory) whilst it is in transit or being temporarily housed before it is moved from one location to another.

N.B. There are certain restrictions which apply to the various policies and you will need to consult with your agent or broker in order to ascertain what restrictions may apply to you and your business.

This is a policy which covers loss of or damage to your business property as a result of burglary and/or theft.

As the name suggests, this policy covers all types of risks for loss or damage to property such as jewellery, cameras, videos and similar equipment, which may occur as a result of all the different types of everyday business risks such as damage through theft.

N.B. In the case of Fire & Allied perils, Burglary and all Risks, the amount of coverage will be determined by the value of the property to be covered and the premiums you will have to pay will vary with the amount of coverage required.

This policy provides coverage for your business’ commercial buildings and its contents (including your stock), in the event of loss or damage as a result of any of the following:

The coverage may also be extended to other areas such as:

Burgulary Insurance

All Risks Insurance

Fires, lightning & explosions

Debris removal

Riots & strikes

Malicious damages

Aircraft damages, burst pipes & floods

Falling Trees

Hurricanes & earthquakes

Fire & Allied Peril Insurance

A money or Cash-In-Transit Insurance Policy covers your business against any loss of money (whether it is your business money or money for which you are responsible). The money may be at your business place or it may be in transit. (Taking money from

your business to the bank is an example of cash-in-transit). In addition to cash, the policy also covers your business against damage to any safe or strong room, or your employees’ clothing or their personal effects damaged by burglars or thieves.

Money Insurance

Stock Insurance

Goods in transit

Cashin transit

REMEMBER It is better to be safe than sorry.

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