Commercial insurance policies are custom-made for small and medium businesses. Whenever a business goes through any kind of damage of property or any other emergency situations, commercial insurance can cover them. It is also considered to be an essential insurance that compensates an employer’s public liability. The evolution of small businesses around the world is expected to flourish the growth of global commercial insurance market in upcoming years.
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Different Types of Commercial Insurance
There are many different types of commercial insurance. Some of them are mentioned below:
- Liability Insurance:
Liability insurance applies to physical injuries or damage of personal property caused by any business. Liability insurance covers all the expenditures during the lawsuit. A liability policy covers the insurer for common risks including customer injuries.
- Cyber Insurance:
These policies are tailor-made for helping businesses to overcome the loss because of cyber-attacks such as distributed denial-of-service (DDoS), ransomware, and malware. Cyber insurance is also stated as cyber risk insurance or security insurance. These insurance products are specially-designed to help organizations reduce specific cyber risks.
- Business Owners’ Policy:
Business Owner’s Policy or BOP, is a collective package of different coverages, such as crime, property, liability, and more. A business can also get a customized policy designed to suit its particular requirements with a Business Owner’s Policy (BOP).
- Directors & Office Liability Insurance:
This is a liability insurance specially designed for directors and high-level officers of a company. It covers the personal liability of these ranked officers if they involve in any unlawful activities during their tenure in the organization.
- Fire Insurance:
As the name indicates, a fire insurance policy covers all the loss and damages of property during a fire breakout. The owner of the company can claim the expenses incurred in the reconstruction of the damaged property of the organization with required terms and conditions.
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- Office Package Policy:
It is an all-inclusive insurance policy for a business. This policy covers every type of loss and damage in the organization from machinery breakdown to burglary and fire. This policy can be regarded as a one-stop solution for every kind of misfortune a business may fall prey to.
- Errors and Omissions Insurance
If a company gets sued by a third party for its unintentional mistakes or injury, errors and omissions policy comes to rescue. However, to get the claim the act must be proved to happen unintentionally.
- Automobile Insurance
Automobile insurance policy is another type of commercial insurance which gives cover to all the vehicles used in a business. If the vehicles are damaged or stolen, or the drivers get into trouble, this type of insurance policy comes to rescue with its beneficial plans.
- Workers' Compensation Insurance
This type of insurance compensates the office if an employee gets hurt on-the-job. In most scenarios, however, workers' compensation laws forbid the injured employee from filing a lawsuit of negligence against an employer for such kind of on-the-job injuries.
- Marine Insurance:
Marine insurance policy is especially designed for the marine industry. The insurer gets policy claim in case of dangerous maritime perils, casualties in the ocean, attack by pirates or injured by fire etc.
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All sides assessed, it is the best idea to purchase a packaged commercial insurance policy. BOP or business owner’s policy is considered as the best option as it covers almost every damage a company can confront. This policy also has additional coverages which are designed keeping small businesses in view.
Before buying any policy, one must go through all its terms and conditions as they say in the ads.
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