Commercial insurance is the insurance that is offered to commercial entities. They include industries, companies, businessmen, etc. Commercial insurance acts as a vital cover which offers coverage for business and other needs which are related to the business. It acts as a perfect solution provider for the industrial sector. Commercial insurance is regarded as the most reliable helping hand in industries like textile, manufacturing, logistics, telecom, etc. When a business faces a setback or incurs huge loses, the commercial insurance offers support and helps the business to stand back on its feet without damaging its reputation.
Commercial insurance is of different types. Let us take a quick look:
Property insurance is one of the most commonly used type of commercial insurance. It covers the damages or losses a business causes someone else’s property. It can also offer coverage when the business faces lose to its own property due to some accident. For instance, property insurance can offer coverage if a section of your building got damaged due to a fire accident that broke down unexpectedly. It can also offer coverage if any activity by the industry damaged the property of another person.
This insurance cover is extremely helpful for industries involved in the transfer of cargos and other goods through marine transport mechanisms. In case of any accidents and loss of cargo, the marine insurance acts as a cover and offers compensation for the losses incurred. The industries which will need marine insurance include power generation industries, paper, and pulp, machinery upgrades, infrastructure, oil and gas, wind power, etc.
The shopkeeper’s insurance offers coverage for damages caused to shops. It can include the damages or loss of equipment, furniture or anything that the shop houses. This insurance will cover losses that happens due to unforeseen activities like burglary, housebreaking or any other accidents inside the shop. Personal accident coverages will also be provided to people inside the shop who got injured due to an accident or burglary attempt inside the shop.
This insurance offers construction and engineering covers. It covers the risks associated with engineering and construction works. Unexpected accidents can occur in oil and power industries, construction, heavy industry, oil and gas, and transportation industry. All such unforeseen accidents and losses will be covered by engineering insurance.
Employee Benefits Insurance
The employee benefits insurance as the name itself implies, will offer benefits to the employees in that company. It will include personal health insurance, accident coverages, and group mediclaim policies.
The energy insurance offers coverages for the offshore and onshore industries for their midstream, upstream and downstream operations. Any losses or damages incurred during these activities will be taken care of by the energy insurance.
Plate Glass Insurance
This insurance covers damages to plates and glasses inside a shop or a restaurant.
International insurance will offer customized coverages that will meet issues that occur at cross border levels. This is useful for companies involved in international transactions and travel on a regular basis.
Bankers Indemnity Insurance
This policy is exclusively for banks. It can offer complete coverage for all the branches of a particular bank in the country. It provides coverages for the loss of securities or cash due to dishonest practices, forgery, postal transit, hypothecated goods, during transit, appraisers, etc.
This policy offers adequate coverage to the large multinationals. It helps them to offset the liability risks that arise during business transactions around the world. This insurance can provide coverages for damages to infrastructure, clinical trials, compensation to workers, personal injuries, accidents, product liabilities, product recalls, etc.
This insurance will offer coverage for losses or damages that happen to automobiles like vans, trucks, cars, or any other vehicles. It can also cover the losses caused by these automobiles to people or property.
Errors And Omissions Insurance
This insurance offers coverage for losses or damages caused by errors or omissions. The act covers unintentional errors caused by accidents and not intentional ones. Any instance of forgetting to fill a form or making errors while filling a notary deal can cause damages or losses to the person or property involved. In such instances, the insurance offers coverage to meet the expenses.
These are the various types of commercial insurance coverages available for you to choose from. You need not take all the above coverages. You only need to take the insurance which is applicable to your business. If you find it difficult to make the right choice, you can get the help of an attorney or an insurance agent to find the right type of commercial insurance that will be useful for your business. Commercial insurance can offer you the confidence and assurance needed to run the business. The very knowledge that you are covered even if something unexpected happens helps you face adversities with a smile on your face and determination in your heart.