Importance of maintaining insurance for assets and liability during lockdown
Anyone who runs a business assumes the responsibility for the protection of their assets. Such assets may include property, business equipment, vehicles, stock, tools and more. It is also a business owner’s responsibility to maintain the safety and wellbeing of a range of people, from customers to employees.
It is therefore vital businesses have the right insurance in place for assets and liability. Commercial general liability (CGL) insurance protects a company’s assets by providing protection for liability claims against a business. Such claims may be the result of damage to property or injuries of staff or customers that occur on a business premises. Or injury that may have be sustained on an employee while doing business.
Such insurance pays the legal costs and any judgements a business may have to pay if they are sued. It also provides cover for claims related to copyright infringement, slander, libel, or false advertising.
Maintaining insurance for assets and liability is vital during lockdown
Even if a business has been forced to close during lockdown, the premises, stock, equipment, and other assets are still at risk from potentially devastating incidents such as flood, fire, vandalism, theft and accidental damage.
Insurance covers the cost of damage to assets, meaning business owners have a business return to when lockdown is over.
Even if a business employs people on a part-time basis, it is still legally required to have employer’s liability insurance in place. Even if staff are not working every day, a business needs this insurance. Failing to have it can result in a company facing fines for not being adequately covered.
Furthermore, as this insurance helps with costs like legal defence charges and compensation if an employee is injured, most businesses cannot afford to be without it, including during lockdown.
Commercial insurance with Nelson Policies at Lloyd’s
Nelson Policies at Lloyd’s offers standalone liability insurance for a wide range of business trades. We also specialise in providing bespoke, tailored solutions for standard and non-standard commercial combined business. Get in touch with our commercial team to discuss your business insurance needs during lockdown.Back to Blog
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