Zurich Business Insurance
Zurich Insurance Group Ltd, founded in 1872, is a Swiss insurance company with headquarters in Zürich, Switzerland. With a revenue of over £36 billion, they are a successful company operating in 215 countries to provide their customers with professional expertise and services regarding insurance.
Zurich Business Insurance offers both personal and commercial insurance, with commercial insurance being categorised by trade to include a range of industries and professions like construction, energy, engineering, motor and property. In 2021, Zurich was nominated for eight awards in the British Insurance Awards, reflecting how effective their customer service and insurance policies are.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Types of Insurance Offered by Zurich Business Insurance
The products offered by Zurich are classified by trade to make picking a policy more straightforward.
Construction insurance is aimed at the professionals who build structures for projects. This insurance is further subclassified into four core professions: allied trades, builders, civil engineers and tradespeople. Except for tradespeople, which is simply public liability insurance, every insurance consists of four fundamental covers.
Employers’ liability insurance
Employers’ liability insurance covers the workers from any accidents that occurred due to the services provided at the worksite, for instance, builders that suffer from deterioration of hearing from working on loud sites all day.
Public liability Insurance
Public liability protects third parties like the public or passers-by from being injured at the site or having their belongings damaged. For instance, a builder was working on a new garden shed and broke the fence behind it when knocking the old one down. Also included in public liability is product liability aimed at contractors that may sell products, such as equipment. If this equipment has a manufacturing fault and injures the customer, they could sue.
Contractor all risks are equipment insurance that compensates the company for any damage caused to their tools or plants due to listed causes under the policy. Virtual consulting is specific to Zurich, providing online services and advice on risk management for businesses to analyse and prevent risks.
Property insurance, in particular real estate, is a £62.5 billion industry in the UK. As a result, this revenue should be maintained and improved, which is where insurance is beneficial to help cover the costs of claims. This insurance provides the company for repairing the building when it is damaged due to several accidents like fire, theft, explosion, riots, earthquakes, storms, floods, leaks, and subsidence.
In addition, there are other covers like fire damage to help minimise the loss beforehand, like fire-proof materials and newly-acquired buildings cover, which helps to ensure any other buildings a company may buy and need to add to the policy quickly. It is essential to obtain this insurance if you work in real estate or own a property to lease. Even minor damage can be expensive to rectify, and lots of money may be lost whilst the property is uninhabitable.
Engineering insurance is a culmination of different covers because engineers may be prone to several claims if they do not finish a project correctly or in time due to equipment issues. Similarly, they rely on using electronic equipment like computers to store sensitive information about clients and need to safeguard them. Plant insurance looks after the heavy machinery used by an engineer like excavators, dumpers, lorries and bulldozers, ensuring that if they are damaged by storm or flood, or even stolen, they are insured, so the insurer will provide the money to replace them.
Likewise, computer insurance protects the electronic devices used by engineers. It compensates for the costs of replacing them and their software if an accident destroys them and the data they hold.
Practise insurance for healthcare professionals
Practise insurance for healthcare professionals is targeted towards doctors, vets, chiropractors, and other similar workers who provide services to diagnose and treat their patients. This insurance includes buildings and their contents, so private healthcare workers who own an office building and have their furniture and equipment can be insured under the policy. This equipment includes computers, which store confidential data and would be incredibly costly to both replace and retrieve their information. All of the stock, including medications and drugs, can usually be insured for £20,000.
However, this price can be negotiated, so if it is ruined due to improper storage, fire or flood, the policy can help pay the costs of replacing them so that the patients do not suffer. Business interruption is another advantageous cover included, so if a healthcare professional cannot work at the office due to disruption or an unpredictable event, their income is covered for some time until they can resume and go back to their work.
Lastly, motor insurance is helpful for any business that benefits from using a commercial vehicle in their daily operations. For example, a makeup artist may need to travel multiple times a day to different customers, exceptionally long distances. Similarly, couriers need vans to store all parcels and deliver the items on time. Zurich offers motor insurance for small fleets and large ones, catering to the whole spectrum of businesses.
The main difference between motor insurance for a small fleet is that it covers up to 20 cars and is significantly cheaper as there are fewer cars to insure and hence less risk to the insurer. Alternatively, larger fleets cover is for over 21 vehicles, for bigger businesses. Both types of insurance recompensate the owner of the cars for any damage caused to them by third parties, accidental damage by the driver, and even damage caused to other cars.
Zurich Business Insurance – to conclude
In conclusion, Zurich business insurance may be helpful in several different professions. From builders to healthcare professionals, there is a range of covers to financially aid small and large businesses in saving money by assisting them when they encounter claims of any kind under the insurance policy.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Churchill Business Insurance
Hiscox Business Insurance
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