There are many insurance options available to protect you from financial loss. Our experts will guide you through these to tailor a suitable programme of cover to suit your individual needs.
Business Interruption, Crime and Products insurance are just a few examples of financial protections available, the need for which will depend on your industry sector and risk profile. We work with our clients to understand their business so we can find exactly the right protection for them.
One in four businesses impacted by a disaster never reopens its doors. Some interruptions are minor and a business can get back up and running fairly quickly, but in other cases, such as when a complete rebuild of a factory or warehouse is required, for example, this could take up to four years.
A Business interruption policy aims to protect your business during this time. This can include disaster recovery planning support, a critical incident service which provides assistance following a major loss, including sourcing alternative offices, IT hardware and client/supplier communication.
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Even the best internal controls are not always enough to protect your company against fraudulent activity. This is where a Commercial Crime policy can help. This policy is designed to cover your company’s financial losses in the event of a crime committed against you, which covers money, stock, goods, property or funds stolen by employees.
A flexible insurance policy, usually called an All Risks policy, will cover theft, computer violation, telephone fraud, public relations costs, malicious data damage and commercial disruption. Some policies we offer also include access to investigative experts to establish the extent of the loss and how it was done.
We’ll also provide assistance to help you minimise the risks you are exposed to, reducing the number of claims you will potentially have to make.
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Product Liability will cover you if a product sold or supplied by you causes damage or injury to third parties. This doesn’t require you to have actually manufactured the defective product, for example, it could also be suitable for second-hand suppliers of equipment.
If a product or range of products has to be recalled due to safety or quality issues, this can lead to substantial financial losses, which wouldn’t be covered by a Business Interruption or Product Liability policy. Product Recall insurance provides cover where the product has the potential to cause bodily injury or property damage to third parties, while Product Guarantee insurance goes a step further and provides cover for the recall, repair or replacement of a product which fails to perform its intended function.
Not all businesses will need product insurance. It is typically purchased by any company which manufactures or supplies products, such as food and drink companies, specialist manufacturers, wholesalers and retailers.
Here at Centor, we can talk you through all your requirements and provide risk management advice, ensuring you have sufficient cover so if you need to recall a product, it won’t have an adverse financial effect on your business.