General Business insurance Needs in Sri Lanka

Get the right insurance for your business needs
Whether you are a start up or an established business it’s most likely that you require a number of different types of insurance. Some are compulsory whilst others may be at the management’s discretion.

• Employers' liability insurance cover
• Vehicle insurance if your business uses vehicles on the road or other public places

Other types of insurance your business may require include:

• Buildings and contents insurance
• Equipment insurance
• Key person insurance and health insurance for the owner-manager
• Life and health insurance for employees
• Directors' and officers' liability insurance
• Business continuity or business interruption insurance
• Public liability insurance
• Product liability insurance
• Goods in transit insurance
• Credit insurance
• Fidelity insurance - which protects against dishonesty or theft by staff
• Travel insurance
• Legal expenses insurance

It's important to constantly monitor your required level of cover as your business develops in Sri Lanka. Consider weighing up the cost of the premiums against the level of new business risks you're running with.

Should I use Brokers
An independent insurance broker can help you select the right level of cover, assess which risks pose the greatest threat and find the best deal. Although you can buy cover directly from insurance companies, it's generally best to use a broker, as they can provide advice and assess your insurance needs.

These insurance brokers in Sri Lanka obtain payment from the insurance companies they tell you about. If you purchase products or services from insurance intermediaries, you have the right to ask how much commission they receive for selling the product or service to you even though they may decline to answer.