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Running a business can be a risky venture. From balancing your overhead costs to attracting enough revenue to keep your business afloat, there is a lot to juggle to create a successful business. An important thing to consider is what happens if something were to go wrong with your business. If there are any damages to your business or legal claims against it, you might find yourself paying for them out of your own personal funds.

 

This is why business insurance, or business takaful, is so important. It protects your business should anything happen, and also protects you and your employees. But what types of insurance do you need? Here, we share 4 main types of insurance that every budding entrepreneur and small businesses need to consider.  

Property insurance: To protect your workplace

Making sure your business’ properties are safe is an important step in ensuring its continued success. Property insurance or takaful makes sure that even if your fail-safes don’t work, your business doesn’t fold. Most insurance covers fire, but some go further. Fire Plus Insurance and Fire Protect Takaful protects your property from lightning, gas explosions and more, depending on how you want to extend your coverage. It also covers your monthly loan or financing instalment if your property is damaged.

 

If you want to be thorough, coverage like All Risks Insurance and Comprehensive Perils Takaful also covers what’s inside your business premises, such as office equipment, plants and machinery. 

Professional liability insurance: To keep your business running

Part of running a business means working with a third party, whether that’s a client or a supplier. Should something go wrong on your end that results in damages to a third party, paying for those damages could be devastating for your business.

 

Getting the right protection ensures your business’s success even in those circumstances. Insurance or takaful like Public Liability Insurance or Public Liability Takaful covers damage to third party properties and any bodily injury that might occur because of your business. They pay for damages so you can focus on putting your business back on track.

Business interruption insurance: To protect your business

Keeping your revenue safe is an essential part of ensuring your business’s success. Burglary insurance/takaful makes sure that should any losses occur, your business keeps running. Our BizProtect Insurance covers your business’s properties against losses due to the covered events under Money Insurance, Fidelity Guarantee Insurance and Burglary Insurance, with a total limit of liability up to RM100,000.

Health Insurance: To protect your workers

Your employees are also a fundamental asset for your business. Group Hospitalisation and Surgical Insurance Plan provides a tailor-made comprehensive health plan to ensure your employees are sufficiently protected. Workmen's Compensation Insurance or Workmen's Compensation Takaful covers your workers against personal injury by accidents or diseases arising out of and in the course of their employment. 

 

Finding the right business insurance/takaful is important to mitigate your business risks and to sustain your business’s success. To understand more on your business protection needs, have a chat with any of our Relationship Managers or walk into any CIMB branch to find out more. You could also drop an email at sme.enquiry@cimb.com for advice.

 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.