Business are not immune to risks. These risks emanate from within the organisation or even outside. Any damages due to these risks can mean threat in the form of reputation damage and in turn having an impact on finances of the enterprise. With a commercial insurance policy, financial protection from such various business risks can be mitigated. In the 21st century, no business functions in isolation and interacts with various elements in its business environment. To safeguard against them, the concept of commercial insurance holds prominence. This article elaborates on the different types of commercial insurance policies such as property insurance, marine insurance, and several other policies that can be purchased to protect your business. Let’s have a look.
Property insurance: All businesses operate from a specified location, be it a manufacturing facility or service organisation. Any damages to these locations mean the entire operations come to a standstill in addition to the financial cost of repairs. With a property insurance cover, your business property remains protected from the various perils faced.
Marine insurance: Not only production is critical, but also the logistics of such products. A marine insurance plan is that comes to the rescue in these cases. What is marine insurance, you may ask. A marine insurance policy is that which protects your business from financial setbacks that may arise due to damage to the consignment. Perils like casualties, pirate attacks, wars, fires, damages in loading and unloading are all covered under such marine insurance policy. * Standard T&C Apply
Shop owner’s insurance: A commercial insurance suitable for retail store owners that covers the various threats that are faced by small to medium-sized organisations. Loss due to fire, burglary, machinery breakdown, and even personal accidents are some of the unfortunate events included in the policy coverage. * Standard T&C Apply
Directors and office liability insurance: For large corporate, directors are the face of the organisation responsible for where a business organisation is headed. Any unlawful act by such authorised personnel may mean hefty financial loss for the company and thus a directors and office liability insurance come into the picture. Any breach of duty, misstatement or negligence is covered under such insurance plan. * Standard T&C Apply
Public liability insurance: Organisation that supply its products to the customers are responsible for those products causing damage to such customers. With a public liability insurance plan, claims made by such customers can be compensated for.
Workmen compensation insurance: Employees may face injuries in the course of performing their duties. When such situations, claims are made against the company for a compensation for such injury, death or even disability of the aggrieved employee. This is when workmen compensation cover comes into the picture to offer financial support for your business. * Standard T&C Apply
Plant and machinery insurance: Large manufacturing facilities depend on their plant and machinery for production. In the event these machineries are damaged or breakdown, the repairs might be expensive but not with a plant and machinery insurance. * Standard T&C Apply
These are some of the different types of commercial insurance pans available. A commercial policy helps mitigate the losses which are least expected and can often take you by surprise. When buying a commercial plan, remember insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.