Business insurance is for anyone who sells goods, services, advice or their skills to clients. Depending on the package you buy it could protect you against all manner of business risks, ranging from accidental injuries to loss of data though a computer hack.
Hiscox will tailor make a policy to suit the client's needs. They are a Bermuda based international insurer, providing commercial insurance for over 300,000 businesses. Via Lloyds they even insure space satellites and inter-planetary vehicles! They began as a Lloyds marine underwriter in 1901. They are now a listed company in the FTSE 250 Index. They also provide unusual policies such as kidnap, political risk and bloodstock cover as well as more mundane insurance for fine art, expensive cars and high value homes. Their reputation suffered a setback in 2020 however when athe Supreme Court ordered it to pay for certain Covid related claims that they had at first denied.
Aviva, a multinational insurer with around 33 million customers and the UK's largest general insurer, has been heavily involved in business insurance since 2009. Their current portfolio includes public liability, professional indemnity, employers' liability, business equipment, tools and stock, landlord insurance, business vehicles, buildings and contents, and business income cover, to help companies that suffer financial hardship as a result of unexpected events such as criminal action, accidents or natural disasters. For some risks smaller companies can get online quotes with those employing ten or more people advised to contact a broker.
As well as the vehicle insurance that they are better known for Direct Line first started selling business insurance in 2007 with a new subsidiary, Direct Line For Business. This division sold insurance products direct to their clients, chiefly landlords and small businesses, over the telephone or online, rather than through brokers, a policy they still prefer. This has proved to be successful and by the end of 2020 they were claiming to have more than 800,000 business customers. Still aiming primarily at the small business sector they are happer to offer tailor made policies to cover most normal business risks.
French multinational insurer AXA prides itself on the speed with which it settles business insurance claims and they reckon to settle as many claims as possible within 24 hours, subject to the claimants following the necessary procedures properly. There have been some complaints though, recently about slow settlements but, to be fair, the Covid epidemic has affected many businesses worldwide. AXA's finances have taken quite a hit as a result of Covid claims and subsequent litigation - again they are not alone in this - and they have taken the decision to sell some overseas investments and pull out of peripheral insurance products. It is likely that they will continue to offer core business insurance products however.
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