What is an Example of Commercial Insurance?

What is an Example of Commercial Insurance

Lack of business insurance can jeopardize business success in the long term. Businesses require commercial insurance to protect the company, workers, and property. One unique thing about commercial insurance is the high premium it attracts compared to personal insurance. Commercial insurance usually covers a multitude of employees, business stakeholders, and other widespread risks. See more about it from this insurance website.

Leading insurance service providers have developed a more simplified Business Owner’s Policy whereby bundled commercial insurance is broadly presented in different ways, including business income insurance, general liability keyman insurance, and commercial property insurance.

Here are great examples of commercial insurance:

Commercial Automobile Insurance

Businesses can register for commercial auto insurance to cover a fleet of vehicles, including trucks, trailers, and vans. In case of accident or damage, the insurance company will reimburse the company a stipulated amount to cover the damages or injuries incurred. Besides damage and injuries, commercial automobile insurance may also cover stolen cars. Businesses need this insurance because nobody knows when an auto accident will happen. This type of insurance is included in landscaping insurance coverage that most landscaping businesses avail.

Liability Insurance Policy

Liability insurance covers are fairly widespread. The coverage will come in handy if someone outside the company decides to press charges against the company if an employee is adjudged to have caused property damage or personal injuries. Customer injuries that occur within the business premises can be covered under the general liability policy.

Malpractice Insurance Cover

The insurance cover is also called professional liability insurance and helps pay for losses or injuries caused to third parties. When a medical professional such as a physician or nurse fails to provide services according to the set standard and causes bodily injury, the malpractice insurance will be activated. The policy will pay the defense cost and the settlement. Remember, all kinds of professionals are covered, including architects, civil engineers, accountants, pharmacists, and real estate agents.

Worker’s Compensation Insurance

It is easily one of the most held commercial insurance policies. The insurance protects employees who get injured in the line of work. For the most part, worker’s compensation laws in various US states discourage employees from filing negligence charges against their respective employers after suffering work-related injuries. It is essential to recognize that without workers’ compensation, damages resulting from work-related injuries could run into millions of hard-earned dollars. And this could leave the employers widely exposed to punitive pain and suffering lawsuits, astronomic medical bills, and other egregious charges.

Crime Insurance policy

Businesses are also best advised to indemnify or protect against different business crimes to ensure business operations are not negatively impacted by the unfortunate event. The crime insurance policy offers protection against common ‘vices’ such as computer and electronic funds transfer fraud, burglary, theft, extortion, and fraudulent impersonation. Also covered are robberies by employees and outsiders of valuables such as cash, securities, stock, and fixtures.

Business Interruption Insurance

The insurance will cover risks such as losses resulting from property damage. Incidents such as fire and storm damage can push a business to close down operations for lengthy periods. If this happens, the business can file for claims to have the insurance company reimburse the money to cover vital expenses such as staff salaries, rent, taxes, and other losses incurred due to prolonged interruption. Getting the insurance is essential as it will give the business owner and workers the confidence of knowing everything will go back to normalcy.

Broiler and Machinery Insurance

Also called the mechanical breakdown coverage or equipment breakdown, this insurance cover protects the business against accidental equipment or machinery breakdown. Some factors that can cause machinery breakdown include serious fire damage, weather-induced damages, and computer system damage. It is vital to recognize that machinery breakdowns are costly affairs and can close entire business operations significantly. With the broiler and machinery insurance, the entire cost of fixing the machinery will be covered. More severe risks such as an explosion could also be prevented.

Before acquiring commercial insurance, it is essential to consult an independent agent to ensure the business gets the appropriate coverage for the right amount. An experienced insurance consultant will also answer any underlying questions regarding commercial insurance.

After careful assessment, it is always good to research the various types of insurance covers. The choice of commercial insurance coverage may boil down to the type of company, payroll, years of operation, business location, and risk exposure. Various types of businesses can be covered by commercial insurance. These include manufacturing companies, book stores, retail shops, restaurants, and real estate companies.

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