In Malaysia, having the right business insurance is essential for the protection and better management of your business. In Malaysia, there are various insurance types available to businesses in Malaysia to protect them against these dangerous things. Here is a list of insurance that every business must have. Check it out:
Public Liability Insurance
Public Liability Insurance is business insurance that covers claims made by the public that happen in connection with your business. For instance, if your customer slipped and fell or contracted food poisoning in your restaurant, the policy would cover these cases for any medical expenses or damage claims.
Property Insurance
Every business must purchase property insurance whether they own their space or lease it. If your business experiences a fire, storm, or theft, the insurance will cover your equipment, signage, and inventory. However, standard property insurance policies do not cover special events such as floods and earthquakes. You may purchase a separate policy which will cover these issues in your area.
Compensation Insurance For Workers
The business should add workers’ compensation insurance to its insurance policy once they hire the first employee. The policy will cover medical treatment and disability, if an employee is injured while they are working in the workplace. Injuries caused by slip-and-falls or medical conditions such as carpal tunnel syndrome can result in a high amount of claims even for employees who do seemingly low-risk tasks.
Product Liability Insurance
A product liability policy is essential if your business manufactures products for general sale. It indemnifies the insured for sums which you become legally liable to pay as damages for bodily injury or property damage to third parties arising out of the defective products.
Types of defective product liability:
(1) Defective manufacture;
(2) Defective design; or
(3) Failure to provide adequate warnings or instructions concerning the proper use of the product
Vehicle Insurance
Company vehicles such as car, van, or motorcycle should be fully insured so that businesses are not held personally liable in an accident. The industry should at the very least ensure against third-party injury, but comprehensive insurance will provide coverage in the event of a collision.
Types of vehicle insurance:
(1) Liability coverage;
(2) Collision coverage; or
(3) Comprehensive coverage
Business Interruption Insurance
When disasters or other catastrophic events occur, businesses will likely suffer interruptions in operations. Businesses will suffer income loss because of the reduced amount of time the staff can spend at work, generating products, or making sales calls. In general, this type of insurance applies to companies that operate from a physical location, including retailers. During such events, a business interruption policy compensates it for its lost income.
A business can reduce a significant financial loss by having the right insurance in case of a lawsuit or catastrophic event.
Last but no least, if you wish to buy or sell commercial properties, do not hesitate to contact us for more information.
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