Core Business Insurance Types
Every business, from a one-person operation to a large employer, needs insurance. The types you need depend on your industry, size, and risk profile.
Public Liability Insurance — Covers legal costs and compensation if a member of the public is injured or their property is damaged because of your business. Essential for any business that interacts with customers or the public.
Employer’s Liability Insurance — Required by law in most Caribbean territories if you have employees. Covers claims from employees who are injured or become ill as a result of their work.
Professional Indemnity Insurance — Protects professionals (accountants, lawyers, consultants, IT providers) against claims of negligence, errors, or bad advice.
Commercial Property Insurance — Covers your business premises, equipment, stock, and fixtures against fire, theft, storm damage, and other perils.
Which Policies Are Legally Required?
Legal requirements vary by territory, but across most Caribbean jurisdictions:
- Employer’s liability is mandatory if you have employees
- Motor insurance is mandatory for business vehicles
- Professional indemnity is mandatory for certain regulated professions
- Public liability is not always legally required but is essential in practice — one lawsuit can bankrupt an uninsured business