“When choosing what type of coverage is required, we look broadly at the kind of goods or service(s) that is being offered by the company. A manufacturer with factory operations may typically require a property insurance for their factory in case of fire or damage to their premises. A Product liability insurance is useful to indemnify against 3rd party loss/ damages, and factory workers will need Work Injury Compensation Insurance in case of workplace injury accidents.
For service related industries, professional indemnity insurance is required for work related errors & mistakes when dispensing professional advice, for occupations such as architects, lawyers, doctors, brokers, agents, surveyors, etc
Companies that does retailing will probably need Public liability insurance in case shoppers are involved in a slip & fall situation inside their shop. Owners can also purchase fidelity & money insurance to protect against theft from employees or their customers.
Dependent on the business foreseenable liabilities, it would be prudent to seek professional broker advice to evaluate the type of insurance needs & formulate a comprehensive protection plan for your company.”