When you take a look at company insurance in Norway from a broad perspective, you will see that the local offer is very extensive. Company insurance consists of several elements and each part plays a significant role in making sure that your business is safeguarded against any possible mishaps. Indeed, we never want anything sinister to happen, but what happens when they do? For that reason, you have to be prepared for anything, and the insurance helps you stay prepared. All sections that might need to be protected will be covered in this article. With that said, let’s jump right into it.
1. Business interruption insurance
Sometimes things happen and your business is faced with unprecedented problems, such as an act of terrorism, a pandemic, a shutdown, among others. These will inevitably affect your work area, and everything goes to chaos. Admittedly with all the unrest, you would not dare go to work as usual, and this interrupts your everyday working routine. You lose customers, suppliers, and even investors. With this, your business is interrupted by something you have no control over. Hence the business interruption insurance comes in to cushion the blow.
2. Vehicle insurance
Every company has business cars that individual employees use to get company matters done. And these vehicles have to be insured to be allowed on the road, so the company foots that bill, and an insurance company provides the cover. More so, in case of any road-related accident, theft, or damage, the insurer offers compensation.
3. Product liability insurance
If your company is in the business of producing commodities, you will need product liability insurance. These could be either edibles or inedible pieces like beauty products or hair creams.
This cover comes in handy in a case where one of your clients complains that your product caused them harm. The contract protects your company and even helps you settle the case even before it gets to court. If your company is for sure at fault, the insurance company helps you cover the compensation. But all this is confirmed through thorough investigations and examination of the case.
4. Property insurance
Your business has assets, right? This may be desks, cabinets, safes, houses etc. What happens in case of a fire, theft, storm or flood? These assets could easily get destroyed and put you out of business. With that, you need to insure them in case the above occurs. Then you can get funding to acquire new assets, which prevents the need of starting your company from scratch.
Conclusion
If you have taken out appropriate insurance, nothing can get in the way of having a successful business venture. Just remember to pay all the premiums on time. You have invested your time and money into your company, so to survives even serious financial problems, it’s worth to have all the above company insurance covers.