Umbrella-ing your Business in Vietnam with Insurance

Global economic uncertainties and sudden climate change makes many organization worry about the effect to their business. This is where insurance play part which is to protect their business from risk. Just like the way you protect your car and home with insurance, you need to do the same way to protect your business asset in case there are any liabilities or natural disaster which you may cannot handle by yourself.

Link with Insurance Agent
You may choose to work with insurance agent from your provider of choice such as Prudential, Baoviet Insurance or AIA Insurance or professional Insurance Broker such as Grass Savoye Willis Vietnam or Jardine Lloyd Thompson (JLT Asia). Some professional prefer to work with brokers as they are not only limit themselves with one insurance and as a broker, they are good in customizing your insurance policies according to your needs.
In summary, insurance is a must in order to minimize your business risk and gaining trust from your subordinates and clients.

The Coverage that you need

The insurance policies and amount will be varied according to the type of business that you are doing. If you are renting your office space, you need to check with your real estate agent or owner if there are any insurance terms stated in the rental contract. In case you owned your property, property insurance will be your choice which will cover your building structure and the contents as well.

When you started your business, you might be using your personal property such as family car to meet up your clients and this might happen in the first few months of business. With this in mind, you have to make sure your car have a valid insurance in case there are any accident happened. The same practice has to be done for your next company car as well.

Considering a Liability Insurance

Every insurance provider might have different terms and coverage for liability insurance. General Liability Insurance mostly covers you and employees in case anybody in your get injured in the office. No matter how you keep your office as safe as you can, you still open to any risk of accident and been sued. This general liability insurance is subjected to type of your industry. Some heavy engineering industry will need a bigger policy and higher amount of claim.

Professional Liability Insurance and Product Liability Insurance is another stem of Liability Insurance. Some insurance provider named Professional Liability Insurance as Error and Omissions Insurance which will cover professional practice from any financial loss by negligence in case your client say that you are not providing a good service as requested. This type of insurance is common among doctors, lawyers, or anybody who are in consultation field.

Product Liability Insurance will apply if your product is being used by customer and it will work in case your customers get injured while using your product.