Types Of Commercial Insurance
There are several risks associated with doing business and commercial insurance seeks to protect the business owner from these risks
. These include property damage , theft , business interruptions, employee injuries and other liabilities. A business without commercial insurance runs the risk of incurring huge losses if some unforeseen or unfortunate incident happens. There are different kinds of commercial insurance available, broadly divided in 3 main categories:Property Insurance
Covers losses and damage to property. further coverage may be purchased, like:
Boiler and Machinery Insurance - covers accidental breakdown of boilers, machinery, and equipment like computers. Also called "equipment breakdown" or "mechanical breakdown coverage".
Debris Removal Insurance - covers the rate of removing debris after a fire, storm, flood, etc. While standard property insurance will guard rebuilding costs after a fire, debris removal will have to be covered by this specialized scheme .
Glass Insurance - covers damage to glass doors, windows and panes.
Ordinance or Law Insurance - covers the cost of rebuilding entirely after more than half of the property is destroyed. If a fire destroys more than 50% of an old building, it will be required to be torn down entirely and rebuilt confirming to modern regulations. While regular property insurance will compensate for replacing the damaged portion, rest of the expenses will be borne by this specialized procedure .
Tenants Insurance - covers damages made by a tenant or his employees.
Inland Marine Insurance - covers property in movement and other peoples property on the insureds premises.
Builders Risk Insurance - covers damages and losses during construction of the building.
Homeowners Insurance - covers damages and losses after occupation of the building.
Crime Insurance - covers stealing , burglary, and robbery from employees and visitors.
Loss Of Business Insurance - covers lost return and expenses resulting from property damage or loss.
Fidelity Bonds - covers losses due to a bonded employees stealing of business property and money.
Liability Insurance
Covers damage caused to third parties due to insurers fault. In the event of a suit brought against the insured party for personal injuries or property damage, the insurance provider covers the costs of defense and resolution. While common liability procedure covers common risks like consumer injuries, some specialized policies are:
Errors and Omissions Insurance - covers inadvertent mistakes or failures that cause damage to a third party.
Malpractice Insurance - covers for losses incurred when services rendered are not up to the standards of professional conduct.
Automobile Insurance - covers the cars, vans, trucks and trailers used in the business, as well as any third party injuries caused by them.
Directors and Officers Liability Insurance - covers the costs of lawsuits against company directors and officers.
Workers Compensation Insurance
Covers labourer injuries obtained while on the job. This is regularly mandated by state laws. In most cases, workers compensation laws prohibit an employee from filing a negligence lawsuit against an chief for work-related injuries.
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