In short: a small business can work through its insurance by asking what could damage its property, hurt someone else, hurt its staff, stop its income, or involve its vehicles, data and advice. Different policies address different risks, and none of them covers everything. This checklist is general information and not a list of what is legally required.
1. Premises and property
- Do you own or rent the premises, and what does the lease say about insurance?
- Is the building, its fittings, equipment and stock insured, and for what sum? See property insurance.
- Is the sum insured based on the cost of rebuilding or replacing?
- How does the policy treat storm, wind and flood damage? See hurricane insurance.
2. Stock and goods
- Are goods covered where they are stored, including a warehouse or container?
- If you import goods, who bears the risk in transit, and is there cargo cover? See marine insurance.
3. Liability to other people
- If a customer, supplier or visitor were hurt, or their property damaged, would a policy respond? See general liability insurance and public liability insurance.
- If you make or sell goods, have you asked about product liability insurance?
- If you give advice or professional services, have you looked at professional liability insurance or professional indemnity insurance?
4. Staff
- If an employee were injured or became ill because of work, how would that be dealt with? See workers’ compensation insurance.
- Which rules apply to you as an employer? A legal adviser or the relevant authority can confirm.
- Do you or your key people need disability or life cover?
5. Vehicles
- Are vehicles used for the business insured for business use? A personal policy may not respond. See commercial auto insurance.
6. Income
- If the business had to close for weeks after a fire or a storm, what would pay the bills? Ask about business interruption, its waiting period and its limit.
7. Data and payments
- Do you take card payments, hold customer details or rely on online bookings? See cyber liability insurance.
8. Contracts and requirements
- Do landlords, lenders, clients or authorities require particular insurance? Ask for the requirement in writing.
- Can you provide proof of cover quickly when asked?
9. Review
- When did you last review your policies? Needs change as a business grows. See ongoing policy review and the risk management page.
Industry pages
If your business is in one of these areas, there is more detail on: restaurants and hotels, contractors, retailers and importers and marinas and yacht services.
What to gather before you speak to an advisor
- A short description of what the business does and where.
- Values for property, equipment and stock.
- Turnover and the number of staff.
- Current policies and renewal dates.
- Any claims in the past.
To go through this list with an advisor, request a call back or call +1 721 542 5078. The offices are in Philipsburg and Cole Bay.
This website gives general information about insurance. It is not personal advice, a recommendation or an offer of cover. Terms, limits, exclusions and availability depend on the insurer and the policy wording.