Why get Business Insurance with the Thaiger?
Choosing business insurance can be a hassle and take a lot of your time, especially with the many plans and insurers available out there. We have tried to keep things as simple as possible for you.
What is Business Insurance?
Business insurance gives you protection against the unexpected costs of running a business. As much as we want to avoid them, accidents, natural disasters, lawsuits, and theft can happen. With business insurance, you can protect your work and your people, as well as your business reputation and its livelihood in the future. Having business insurance will allow you to run your business with peace of mind.
Protect Your business Against Damage or Theft
Theft, as well as damage of your business property and equipment due to natural disasters or other accidents, can be covered by business insurance.
Protect Your Employee
If your staff suffer work-related injuries or illnesses, business insurance can provide benefits, such as medical care, missed wages, and funeral benefits.
Protect Your Customers
Business insurance can help cover your customers. For example, if a security breach occurs, business insurance can help pay for identity protection solutions.
Help with Lawsuits
Companies, including yours, can get sued and face legal fees. Business insurance can help cover the cost for you.
Beyond protecting your business, business insurance can also build credibility. Having the right policies shows your contractors and customers that you take risk management seriously.
How to choose the best business insurance?
What’s considered the “best” business insurance can be different for every company. Different business needs different types of coverage. Therefore, we have compiled several simple steps in your decision-making process.
I Applied a couple of days ago and got a callback today, great customer service, 5 stars.
Incredibly professional and highly efficient service. It takes a while to go through all of the details when insuring any business and everything was explained clearly and executed immediately.
Some times it can be a very difficult and long process when talking to a provider, that’s why I chose to get this service online as it should be as simple as sending over my information and seeing if there’s a high possibility to get it approved.
The staff, from start to finish, were polite, professional, & efficient.
The Main Types of Business Insurance
There are several main types of business insurance you can consider, including public liability, professional indemnity, and employer’s liability. Each of these business insurance covers different things.
Read all the details to make sure you choose the right insurance to protect your business. You may also combine business insurance policies to give your company the best protection against unexpected situations.
Public liability insurance protects your business against compensation claims and legal costs if you cause accidental injury to a third party (customers, visitors, or people you visit) or damage their property.
Whether someone is accidentally injured in your workplace or the product you supplied damages their property, public liability insurance will help cover the bill. However, it will not cover accidents that happen to you or your employees, as well as accidents that cause damage to your own property or your employees’ possessions. In this case, you will need the employer’s liability insurance.
You may choose public liability insurance as a standalone policy or combine it with employers’ liability insurance.
What’s Covered by Public Liability Insurance
- Personal compensation, such as loss of earnings (at present or in the future).
- Medical fees. These include the cost of ambulance, treatment, and hospital stay for the claimant.
- Cost of repairs, such as the cost of materials and labor required to repair the damage.
- Legal costs Legal costs should a claim be made against you.
- Legal cost for the claimant in case you are found to be at fault.
Employer’s liability insurance is a mandatory requirement for most businesses.
No matter how careful you are, injuries in the workplace can happen. Having an employers’ liability insurance protects your employees if they become ill or get injured due to working for your business.
Employers’ liability insurance can protect most of your employees, including full-time and part-time employees, temporary staff, and self-employed contractors you hire. It may protect volunteers, apprentices, and people who take part in work experience or training schemes as well.
What’s Covered by Employers’ Liability Insurance
- Compensation cover if an employee who is injured or harmed as a result of working for your business takes you to court.
- Compensation cover for loss of income.
- Medical costs cover for ambulance, treatment, and hospital stay.
- Compensation cost for any other damage.
Personal Indemnity Insurance, or PI Insurance for short, covers the compensation payments and defense cost if a client sues you for a mistake they think you’ve made that cause them a financial loss.
Whether it is bad advice, poor services, or dodgy design that cause your clients or others to lose money, professional indemnity insurance can help protect your business.
You generally need professional indemnity insurance if you provide an expert service, advice and consultancy, or handle people’s information. You may also need it if your client or professional body requires it.
The types of businesses that may need professional indemnity insurance are financial services, consultancy, software developer, IT contractors, telecommunications consultancy, management consultancy, training consultancy insurance, web design, engineers, architects, as well as marketing, creative, and media professional.
What’s Covered by Professional Indemnity Insurance
- Defamation. If you support or produce statements that are wrong about your client.
- Professional negligence. Suppose you make a costly mistake or give incorrect advice.
- Breach of copyright. Suppose you infringe trademarks, copyrights, or intellectual property.
- Breach of confidence. If you share sensitive information about your client or customer without permission.
- Lost or damaged documents. If you lose or damage documents that are in your care.
- Employee cover. If your employee commits a malicious act that causes your client loss.
The Thaiger’s Partners
Business insurance ensures that your business runs smoothly, without worries.
Nobody wants to think about everything that could go wrong in their business, but these things can and do happen. Therefore, getting business insurance is one way to prepare ourselves for unfortunate accidents that could hurt our business.
Top tip: Know what risk your business is exposed to make sure that you are adequately protected if the worst happens.
Why the Thaiger?
Choosing and purchasing business insurance is not a walk in the park. We get it. And when you run a business, you may not have time to spare to do in-depth research on what insurance you need.
The Thaiger simplified the entire process for you. We perform an unbiased comparison and strive to find the best insurance for your business. You can get your coverage in minutes; with just several clicks.
Other Recommended Insurance
To further protect your business, the following insurance types are worth considering. When it comes to protecting your business, there’s no such thing as being “over” prepared.
Business SME insurance
Business SME Insurance is explicitly tailored to suit the needs of small to medium-sized enterprises (SMEs). It can cover a broad spectrum of businesses, from manufacturing and warehousing to office-based companies and retailers.
Business Property Insurance
Protecting the place you do business is just as important as protecting your employees, clients, and management. Property damage, inventory damage, and lost income can be covered by business property insurance.
Business Travel Insurance
Planning a business trip? Make sure you are protected in case something doesn’t go according to plan. Business travel insurance can cover trip cancellation and curtailment, emergency medical expenses, loss of personal belongings, business equipment damage, and more.
Other types of business insurance
Besides the three main types, there are other types of business insurance. You can choose the most appropriate coverage for your company for extra protection.
เWhile cyber-risk insurance cannot protect you from cybercrime, it can surely help you with financial recovery after a cyber-related security breach. This type of insurance generally covers your business’ liability for a data breach that involves sensitive information, such as credit card numbers, Social Security numbers, driver’s license numbers, and medical records.
Business interruption insurance
Unexpected incidents, such as a break-in, a fire, or flood, can put your business premises out of action. In this case, business interruption insurance can help cover the loss of income if you need to stop your business operation temporarily.’
Business assets insurance
Also known as business contents insurance, this type of business insurance offer coverage for the things you keep in your workplace. These include any equipment you use for your business, such as tools or furniture.
Key Man Insurance
Suppose one of your most valuable employees becomes critically ill or dies. In that case, key man insurance can cover the loss of income.
Credit risk insurance
If a customer of yours refuses to pay their debt to you or becomes insolvent, credit risk insurance will cover any losses you experience.
Commercial vehicle insurance
It is essentially the same as personal car insurance but designed specifically for any vehicles you use for your business.
Goods in transit insurance
Damage to goods or stocks while being transported can happen. With goods in transit insurance, your business is protected in case such situations occur.
Business Insurance and Business Property Insurance
Having business insurance is vital since the financial consequences of a potential mishap could wreak havoc on any business’s assets. Business insurance can provide the necessary protection in case customers, passersby, or employees experience harm at the hand of your business.
However, since most business insurance plans do not provide coverage for damage to the workplace, many business owners tend to combine their business insurance with business property insurance. Combining the two gives extra protection to your business, so nothing can stop you from achieving your business goals.
Frequently Asked Questions about Business Insurance
The cost of your business insurance depends on many factors, such as the size of your business and the work you carry out. The level and amount of cover you need to take out also affect the cost of business insurance. In general, the more coverage you want, the more expensive your business insurance cost will be.
The short answer is, yes, you do need insurance for your online business. Whether you are an online retailer or freelancer, running an online business can leave you open to unique risks. For example, someone can hack your online business’ payment system and takes your customer credit card, or a client file a lawsuit against your business due to breach of contract. If these situations happen and you don’t have business insurance, you may find yourself paying claims out of pocket.
Yes, you can get business insurance before you had started trading and before you registered your business. Typically, all that is required for you to apply for business insurance is your business address, your projected/actual turnover, and trade type.
No. For the building structure, you need business property insurance.
In most cases, no. It is recommended that you adjust your coverage to cover staff working from home.
Exclusions vary, depending on the type of business insurance you purchase. Some of the common examples of exclusions are as follows.
- Damage or loss as a result of engaging in illegal activities.
- Damage or loss as a result of events that are not accidental or unforeseen.
- Damage or loss as a result of events you have adequate control offer.
The establishment of a Thai Limited Company is the most desirable and preferred option when setting up a new business in Thailand, mainly because it is designed to protect investment, can be set up in a few days and strongly supports International Work Permits.
A BOI company is the next most famous business set-up for foreigners in Thailand. The Thai government actively encourages it and offers immense benefits, mainly with tax cuts, 100% foreign ownership, land ownership and so much more.
Inquire Now to Receive your Business Insurance Quotes