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Business Insurance (FAQ)

Whether you're just thinking of starting your own business or you already own one, it can feel exciting and daunting at the same time, since you are investing both your time and money and need your venture to go well. To protect your investment, business insurance can offer you coverage that will protect you when the unexpected occurs.

1.Why do I need insurance for my business?

Starting your own business always entails some degree of risk, and as an entrepreneur you need to make sure your company's assets are protected. From property losses related to theft or fire, to liability issues where someone could threaten to sue, having the right insurance policy in place can help you recover financially when things go wrong.

2.What are the main types of business insurance?

Business liability insurance is any commercial insurance that deals with a business' responsibility when it comes to damages, losses, or injuries. While there is a wide variety of business insurance policies tailored to the needs of each business, the four main ones bundled under a single business insurance contract here at Pitsas Insurances are:

  • Employers' liability insurance, covering employees' injury or work-related illness

  • Public liability insurance, covering injuries or damages incurred by members of the public

  • Content insurance, covering against loss, theft or damage regarding the contents of your business

  • Business interruption, providing coverage should your business be forced to cease function due to fire, flood etc. (this does not cover the case of a pandemic)

Other business insurance policies include product liability insurance, loss of income, cybercrime insurance, and Keyman (key person) insurance.

3.Is business insurance legally required?

Some of it is. In Cyprus, employers' liability is required by law for any business that employs staff. Other types of insurance are optional but highly recommended depending on the kind of business you run. If, for example, you deal with members of the public on a daily basis, then the likelihood of there being an accident of some sort on your premises is high, and so is your likelihood of  being sued; this is why public liability insurance is almost essential in such cases.

4.Why would I choose a bundle of 4 insurance policies instead of just the one that is obligatory by law?

Truth is, you may very well choose to go for just employers' liability insurance, since that is the one that is legally required. However, if you are interested in purchasing more than one insurance policy, choosing business insurance from Pitsas Insurances means that you will only have to pay 20 Euro for your contract issuance per year, whereas choosing policies individually will mean that each contract will be charged that amount separately. 

5.How much does business insurance cost?

Business insurance costs vary depending on the policies you choose to purchase and your limits of coverage. Other factors affecting cost include your line of work, the number of staff you employ, the size of your business, your location, and your revenue.

6.Do I need business insurance if I'm self-employed or work from home?

Business insurance can still be important in both those cases. If you are self-employed or work from home, but your business deals with your clients' data or with the general public, policies such as public liability or professional indemnity insurance can be useful. If you are self-employed but also employ others, then employers' liability insurance will still be required by law.

7.How can I find out what types of insurance are recommended for companies in my industry?

Risks, and therefore coverage needs, definitely vary by industry. If you contact one of our experienced insurance agents, you can discuss which coverages companies similar to yours may carry, and they can help you decide about your best options. 

If you need more information regarding business insurance, contact us by email at: [email protected]

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