06th January 2010

Commercial Insurance – Insure Your Business

There are plenty of types of commercial insurance but the most common types are property, liability, and workers’ compensation.

There are plenty of types of commercial insurance but the most common types are property, liability, and workers’ compensation. For all intense purposes property coverage will cover any damage done to property owned by your business. At an event it would cover any property owned or rented that is present by the company. Liability coverage will cover any damages accrued by third parties. Workers’ compensation covers injuries or death to employees.

There are plenty of other kinds of specialised coverage but these are only suggested according to the needs of your business. To understand what kind of coverage your business needs you would need to understand exactly what your company does. You probably already know this so you would just need to match a policy with your needs.

When it comes to commercial insurance for property it is common that for something like a flood or fire that damages your business space you are covered. There are many specific kinds of property coverage though, some of those are: 

● Machinery Coverage – equipment or mechanical failure is covered
● Debris Removal Coverage – in the event that a catastrophic event occurs you will covered on the cost of removing the damage.
● Builder’s Risk Coverage – exactly what it sounds like, it covers any risks that may arise while construction takes place.
● Glass Coverage – covers store front windows or business windows
● Business Interruption Coverage – covers losses that occur while a business is closed due to extenuating circumstances
● Law/Ordinance Coverage – covers any demolition and rebuilding costs if the business or event comes into violation of code when the building has been partially destroyed
● Tenant’s Coverage – covers negligence of employees on the building
● Crime Coverage – covers any criminal activity from employees or third parties

These are just some of the specific types of property coverage you can find. Be sure to check with your provider about further coverage. Liability coverage can cover your business in case of any lawsuits that arise from third parties. It is common to have a general liability policy that covers almost all common risks, again check with your commercial insurance provider to be sure.

There are specific types of liability coverage that your business may want or need. Some of those include:

● Errors and Omissions Coverage – covers inadvertent mistakes or failures that may cause injury to a third party.
● Malpractice Coverage – covers losses resulting from injuries to any third party when an employee’s conduct fails to meet the profession’s standard of card.
● Automobile Coverage – covers the vehicles used within your company, company cars
● Director’s and Officer’s Liability Coverage – covers any lawsuits brought forth against the directors and officers of a company

Each of these is important for your commercial insurance in the right situations, but by discussing each of them with your agent you can come up with the best policy for your business.

Worker’s compensation can cover your business in the case that someone is injured or killed while on the job. In most cases this type of coverage can stop a worker from bringing about a lawsuit due to negligence by the employer. Any business could use a mixture of these types of coverage for their commercial insurance policy as they all are beneficial to the business as well as the individuals.