Commercial package policy

Yes. Most public liability insurance policies include a deductible for claims involving damage to third-party property. However, there is typically no deductible for claims involving third-party bodily injury or death.

The property damage deductible can sometimes be negotiated, depending on the nature of your business and your appetite for risk. Our team can help you choose a deductible that balances protection with affordability.

For employers seeking workers' compensation insurance, we currently offer:

• Standard workers' compensation insurance benefits
• Enhanced wages coverage
• World-wide coverage
• Employers' liability up to $5,000,000
• Coverage for volunteers, temporary workers under 16, casual workers, part-time employees, and students

Under the Workers’ Compensation Act of 1965, most businesses operating in Bermuda are legally responsible for workplace injuries suffered by their employees. While businesses are not legally required to have workers’ compensation insurance, it is strongly recommended, as any employer without coverage may face serious legal and financial consequences if an employee is injured at work. Coverage needs can vary depending on the nature of your business, so we work with you to tailor your coverage and help ensure you’re properly protected.
 

Yes. Public liability insurance helps protect your business if you’re held legally responsible for accidental injuries to a third party or damage to someone else’s property. Public liability insurance covers your legal exposure to the public, including court-awarded damages and legal defence costs. Coverage can also be extended to include risks associated with producing or selling goods or products, such as meals, beverages, groceries, or skincare products.

If a member of the public is injured or killed because of your business activities or your employees’ negligence, public liability insurance can help protect your business. This coverage can pay for court-awarded damages, as well as the legal costs of your defence if a claim or lawsuit arises.

If an employee is injured while performing their job, coverage may be provided under workers’ compensation. In some cases, an employee may choose to waive workers’ compensation and pursue a negligence claim instead. If that happens, your policy can provide up to $5,000,000 in employers’ liability coverage.

Your policy may provide temporary automatic coverage for up to 30 days for certain changes to your business, including:

• New buildings or structures being constructed on your business premises
• New contents added to your business premises
• Buildings or contents you acquire at another location in Bermuda

These additions, along with any new business activities, are treated as separate risks and may require special consideration. Changes like these can affect premiums, deductibles, coverage limits, or exclusions.

It's always best to contact our team as soon as you make a change in your business. We'll help make sure your coverage is updated and that you remain properly protected as your operations grow.

Yes. Equipment used for business, such as laptops and cell phones, can be covered for physical damage under the contents section of a commercial package policy. 

If the sum insured in your commercial insurance policy is lower than the true replacement cost of your property at the time of a loss, your claim may be reduced proportionately. For example, if your property is insured for 75% of its true replacement cost, your claim would typically be settled at 75% of the total loss, less any applicable deductibles.

If the sum insured is higher than the actual replacement cost, your claim will be settled based on the correct replacement value. Your policy will be adjusted going forward to reflect the accurate replacement cost. 

This is why it’s important to review your insured values regularly, especially as construction costs and asset values change. Our team can help you assess whether your coverage still reflects today’s replacement costs.  

Commercial buildings and property are typically insured based on replacement cost, not market value. That’s because insurance covers the cost to rebuild or replace your business buildings and property, not the land itself.

Replacement cost is usually calculated by taking the exterior square footage of the building and applying current construction costs per square foot.

Additional amounts (generally 15% of the sum insured) are often included to account for expenses such as architect and surveyor fees, as well as debris removal after a loss.

Construction costs and business assets can change over time, so you should review your insured values annually. Keeping your coverage up to date helps ensure you’re properly protected if you ever need to make a claim.

In most cases, yes. Home insurance and commercial insurance are designed to cover different types of risks, so separate policies are typically required.

A standard home insurance policy usually doesn’t provide the protection a business needs — especially for things like business interruption, which can cover lost income if your operations are disrupted. While some business contents may be partially covered under a home policy, this is often limited and may not reflect the true value of your business assets.  

If clients, customers, or suppliers visit your home for business purposes, you’ll also need public liability insurance. Personal liability coverage generally won’t respond to claims or legal costs arising from business activities. In fact, most home insurance policies specifically exclude commercial liability risks.  

A commercial insurance policy ensures your business is properly protected, whether you work from a home office or operate a larger organisation.