The Types Of Commercial Insurance

Mickey | Financial Services | Friday, November 19th, 2010

Commercial Insurance


Generally speaking, commercial insurance covers your company, and two basic types of coverage are property and liability coverage. Property insurance, as the name implies, provides coverage for any property, business or equipment that is stolen, destroyed by the loss or damage, while  liability insurance covers any damage to property of others, including bodily injury.

Most companies that purchase commercial coverage choose a combination of property and liability insurance to cover everything that could go wrong. Often there is mistakes at work, or just accidents, that can simultaneously affect the properties of the businesses, as well as the health of workers. For this reason, it is very important to consult with a broker to find the best deal for you and your business.

Home Insurance

Property insurance covers losses and damages to personal property such as fire or flood damage to your office. There are many different types of insurance, like a car policy to cover breakdowns, garbage collection policy to cover the cost of cleaning up after the storm, and the ruling or the Insurance Act to cover the costs associated with having to restore the building code, which may have been only partially destroyed by nature.

Crime insurance covers things like theft and looting, and covering the risks of the builder takes care of any damage that may occur in buildings under construction. Bars and nightclubs often have a lot of glass and mirrors in the building, so they can have a type of glass is a policy that covers all the glass breaking in the room.

Liability insurance

This type of commercial insurance covers injuries that you or your business may accidentally cause to happen to third parties. For example, commercial vehicle insurance will cover any cars, trucks, vans that you can use in your business. Errors and Omissions, or “E & O insurance” covers any accidental errors that cause injury to others. Car repair shop might repair cars policy to cover any errors that may occur in the garage, which can cause damage to the customer’s car.

There are several types of unique liability insurance. Bars and liquor stores should definitely buy the coverage of alcohol responsibility, if not already required by the state. Administrative liability insurance alcohol involves the violation of laws liquor – Failing to check IDs, sales to minors or allowing intoxicated people continue to drink. Civil liability may attract lawsuits from intoxication or those, perhaps a victim of intoxication, and criminal liability liquor attract unhappy situations where someone gets alcohol from your bar and injuries or kills someone.

Two completely different types of commercial liability insurance includes insurance landscape design and technology of insurance. Gardening and horticulture companies must protect themselves from any damage from the daily hazards in landscaping business as a tool and equipment, pesticides, and much more. Technology policy should cover any potential liabilities that the technology and IT professionals may encounter in a rapidly changing field.

Companies need to be insured

If you have a business, most likely, you will need to purchase some form of commercial insurance to protect yourself and your company. Contact a professional today to learn more about available options and what type of commercial insurance would be best for you.

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