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  • Amanda Bird

5 Different Types of Insurance That Your Organisation Need

There are different types of insurance that an organisation can get. Not all insurance can be applicable to what you are doing. That’s why you need to make sure that you get the right insurance coverage. Here are some of the different types of insurance that you can get for your organisation.


Public and Product Liability Insurance


It is the most common form of insurance that is undertaken by the majority of organisations. This is because it is the most affordable.

Public liability insurance covers any damage that could happen to someone if something goes wrong. It can cover the cost of treating the person injured. It can also cover for the injuries and cost of doing the necessary repairs to the property which are damaged and to the injured person’s property.


Property Insurance


Property insurance involves getting insurance against the properties that you have. You can get insurance for your buildings and all assets in the office. In case anything happens to the property, the insurance will be able to cover the damages done to it.


In case of fire or flood, the insurance company will be able to take care of the expenses. If you are using a building, then the insurance will help in the repairs of the building.


Directors and Officers Liability Insurance


This is a type of insurance that is meant for the company. The insurance company is the one that will be paying the premiums. Your company is the one that will be able to make good use of the insurance benefits. This is because in case there is any negligence, the insurance company will step in and take care of the court cases that might come.


If there is any negligence in the financial management, then the insurance company will cover the losses that are incurred by the organisation and cover the losses of the other party.


Building Insurance


This is insurance for the buildings that you have. If there is a fire that breaks out in your building, then this will cover for the damage caused. The insurance company will provide you with the tools which will allow you to move the goods and the equipment to another place. They will also provide you with the tools for the repairs. The insurance company will be able to deploy the employees to help you do the repairs.


In case of the death of the people working in the building, the insurance will cover the loss of the people who died. The insurance company will be the one who will cover the loss of life.


Fraud Insurance


In case you have investments, you need to make sure that they are secure. The insurance will be able to cover for the loss of the potential earnings that you might have gained in case of a fraud. The insurance company will be able to pay for the expenses incurred by the people who were affected.


Conclusion


You need to make sure that you are safeguarded as an organisation. You do not want to be in a situation where you will have to use the assets of the organisation to pay for the expenses.


If you look closely, you will realise that you can get various insurance coverages for your business. You need to use the right insurance coverages to ensure the safety of your organisation and to cover for you and for the losses that you might be incurring.


New Wave Insurance is a team of Gold Coast insurance brokers that can help you get the insurance fit for your organisation's needs. Let us help you decide the correct coveragess that you need for your organisation. Contact us to get started!






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