The term commercial insurance encompasses a variety of coverage plans, including
public liability, professional liability, property insurance, office insurance,
factory insurance, fidelity insurance, key employee insurance, cargo insurance and
commercial
motor insurance. Commercial insurance
is essentially any type of insurance related to business.
Public Liability Insurance
Errors and omissions by your employees can bring about lawsuits by clients. Public
liability cover will pay out the costs incurred due to this type of event. Businesses
that involve the general public like retailers are especially vulnerable to lawsuits
and this type of insurance is of particular help to them.
Professional Liability Insurance
This is another important form of commercial insurance, which protects companies
against charges that could be made by clients. This is typically pertinent to companies
that provide advisory or consultative services, where employees give professional
advice.
Property Insurance
This covers loss and damages to business property arising from bad weather, theft,
or fire. The losses from these types of events could be disastrous to a business
without commercial insurance.
Office Insurance
This provides cover for equipment in the office like PCs, fax machines and copiers.
This equipment is usually insured against theft and damage.
Factory Insurance
This type of cover provides cover for machinery and equipment inside the factory
for events like fire and theft.
Fidelity Insurance
This commercial insurance protects you from any losses incurred from employees committing
fraud or acting dishonestly.
Key Employee Insurance
Should one of your employees who are vital to the running of the business suddenly
be unable to work due to death or disability this will cover the costs of replacing
them.
Business Travel Insurance
This is the same as normal travel insurance, but additional cover can be taken out
to cover the loss or damage of business equipment during the trip.
Cargo Insurance
This protects losses incurred from outside forces like political unrest in a country
through which the cargo is traveling.
Commercial Motor Insurance
This is similar to normal personal car insurance, but applies to business vehicles
and business employees who use those vehicles.