subject: Some Information On Commercial Insurance [print this page] Commercial insurance is insurance for business. Insuring our business is a smart investment and will be a life saver at the time of uncertainties. Commercial insurance provides coverage for our business and makes it risk free. It is just like other insurance policies where we have to pay a certain amount of money as a premium to cover our belongings. Commercial insurance is on a high rise and top insurance companies offer a range of commercial insurance products for different business requirements.
Usually higher premiums offer greater coverage. The premium amount depends on a number of factors like the nature of the business, the size of the business, the type of industry in which the business operates, the head count of employees, and the annual revenue of the business. Insurance companies evaluate the business that needs to be insured, previous records of the company and the inherent risk involved in the business. If the business is found to be risky, insurance will not be given or it may attract higher premiums. There are 3 major types of commercial insurance. They are property insurance, liability insurance and worker compensation insurance. Each has a different specification and business owners can get any or all of these to cover their business from loss.
Property insurance covers losses and damages to non-public properties including disasters like earthquake, landslide or flood, and fire. Numerous additional coverage options could be had if you are paying a tiny bit of extra premiums. Included in this are machinery insurance, debris removal insurance, glass insurance and builder's risk insurance. Most business people choose crime insurance that provides coverage over theft and burglary.
Liability Insurance: Liability insurance covers the injuries that your business might accidentally cause to any third parties and it also covers the losses arising out of it. This insurance should be taken by all business owners so they won't have to pay the huge cost involved in legal proceedings when their business is liable to third parties. Malpractice insurance, errors and omissions insurance covers the business by saving legal costs in the event of lawsuit being filed by victims or third parties for a wrong doing or unethical activity by the business. This type of insurance is essential for doctors, surgeons and dentists as the chances of error are very high.
Workers' compensation insurance covers for on-the-job injuries of employees. This is the most common type of commercial insurance in manufacturing related industries. This type of insurance provides coverage against civil lawsuits being filed by employees. This insurance is very important when your employee head count is large and your business involves higher chances of work related accidents. This type of insurance is essential to businesses that are involved in manufacturing, construction, or agriculture.
Copyright (c) 2010 Omer Chode
by: Omer Chode
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