8 Common Types Of Commercial Insurance
As a commercial business, you are likely to need a range of different insurance policies to protect your company. The type of insurance you will need will depend on the nature of your business and the risks associated with it.
Here Is A Guide To Some Of The Most Common Types Of Commercial Insurance:
Property Insurance
If you own or lease commercial property, then you will need property insurance to protect your buildings and contents from damage or loss. This can include cover for events such as fires, storms, floods, theft, and vandalism. Property insurance can also provide protection against liability claims if someone is injured on your premises.
Business Interruption Insurance
This type of insurance can help to protect your business from financial losses if you have to stop trading due to an insured event, such as a fire or flood. In addition, business interruption insurance can cover the loss of income and extra costs you incur as a result of the interruption.
Employers' Liability Insurance
If you employ staff, then you are legally required to have employers' liability insurance. This type of insurance can provide protection against claims from employees who are injured or become ill as a result of their work. It is also possible to have certain kinds of life insurance for employees, which can be useful in some cases. You might want to find out how to become a life insurance agent in order to understand this better, or simply seek out some help.
Public Liability Insurance
Public liability insurance can provide protection against claims from members of the public who are injured or have their property damaged as a result of your business activities. This type of insurance is particularly important if you have customers who visit your premises, such as a shop or office.
Professional Indemnity Insurance
If you provide professional advice or services, then you may need professional indemnity insurance. This type of insurance can protect you against claims from clients who suffer financial loss as a result of your advice or services. Professional indemnity insurance is typically required by businesses such as accountants, solicitors, and financial advisers.
Product Liability Insurance
If you manufacture or sell products, then you may need product liability insurance. This type of insurance can provide protection against claims from customers who are injured or have their property damaged by a defective product.
Goods in Transit Insurance
If you transport goods by land, then you will need goods in transit insurance to protect your cargo from damage or loss. Goods in transit insurance can also provide protection against liability claims if the cargo is lost or damaged in transit.
Bonds:
A bond is a financial product that provides protection against loss if a company defaults on its obligations. There are a variety of different types of surety bonds that can be issued by companies, governments, or other entities.
In Closing
There are many different types of insurance that commercial businesses can take out to protect themselves against a variety of risks. The type of insurance required will depend on the nature of the business and the level of risk involved. It is important to speak to an insurance broker or specialist to ensure that you have the right cover in place for your business.
