Types of Commercial Insurance

It can be complicated to research the many kinds of commercial insurance.

Insurance regulations for businesses differ from state to state, and the titles given to individual coverages by different insurance providers are only sometimes compatible with one another. For instance, one insurer might refer to the range for the unintentional breakdown of boilers, machinery, and equipment as equipment breakdown coverage or mechanical breakdown coverage, while another insurer might refer to it as boiler and machinery insurance instead.

To make matters even more perplexing, policies with titles such as “boiler and machinery insurance” frequently offer coverage for more than their names imply, such as computers and office equipment. Some of the different kinds of commercial insurance coverage offered are as follows.

Different categories of commercial insurance

  1. Business Liability Insurance

In an accident, having adequate Business Liability Insurance will assist in protecting not just you but also your employees and customers. Your company’s physical assets, such as its building, furniture, equipment, and inventory, can be safeguarded by purchasing commercial property insurance for your business. Even if you run your business out of your house, you can still buy commercial property insurance.

  1. Businessowners policy

The acronym “BOP” stands for “Businessowners Policy,” and it refers to a bundle that contains multiple types of coverage all in one policy, such as protection against property loss, legal responsibility, and even criminal acts. A BOP can assist you in obtaining customised coverage that meets your particular requirements.

  1. Commercial vehicle insurance

Purchasing commercial auto insurance can shield your company and your employees from a wide range of risks and mishaps associated with operating motor vehicles.

  1. Crime insurance

Purchasing crime insurance can protect your company from financial losses caused by criminal acts such as theft and forgery.

  1. Business income insurance

If your company needs to temporarily close its doors, having Business Income Insurance can assist with paying invoices and covering costs.

  1. Umbrella liability insurance

In addition to the security provided by your regular liability policy, your company may also benefit from purchasing commercial umbrella insurance.

  1. Cyber liability insurance

Your company may benefit from purchasing Cyber Liability Insurance to protect itself against losses caused by electronic data, computer systems, data breaches, and even computer assaults.

  1. Equipment breakdown insurance

Your company can be protected from the damages and expenses associated with the breakdown of electrical, mechanical, and computer equipment by purchasing equipment breakdown insurance.

  1. Business interruption insurance

If your company is forced to temporarily cease operations due to circumstances beyond your control, having business interruption insurance can help you recoup some of the money you lost in revenue and keep your company alive.

  1. Workers Compensation Insurance

If one of your employees is injured on the job, having workers’ compensation insurance can help protect them financially.

What form of commercial insurance am I required to have?

Even if you run your company out of your house, you still need to have property insurance and liability insurance in place. These are the bare minimum requirements. You will require commercial vehicle insurance if your company has any vehicles. In addition, if you have employees, you will likely be required to obtain workers’ compensation insurance by the majority of states.

Your company’s kind, size, location, annual revenue, and several years in business are all factors that should be considered when determining your small business insurance needs.

Find an insurance company where you can put your faith, and then look for coverages exclusive to your line of work.

“Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.”

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply