A commercial insurance policy is an important investment when you own a business, whether it is a large company or a small business. This is very beneficial for your business such that it can actually safeguard you from whatever unexpected incidents that you may come across, whether this may be caused by mother nature or man-made. This can also help you to go on with your business after a certain crisis.
A commercial insurance policy is usually available in three forms namely: worker’s compensation, property and liability insurance. Worker’s compensation is intended for employees who had incurred injuries while on the job while property insurance is for damages inflicted to business properties. Liability insurance on the other hand, are designated for third parties that have incurred unnecessary injuries. Under liability insurance there are specialized types of insurance like the directors and officers insurance which caters to individuals in large corporations that are liable for antitrust lawsuits and unfair practices lawsuits; the errors and omissions insurance which covers professionals like architects, real estate brokers, quality control personnel, and many others who may in their line of work introduce a mistake which causes harm to others; automobile insurance which covers accidents and injuries that may occur due to the driver or some other circumstance; and the malpractice insurance which not unlike errors and omissions insurance covers professionals who may inadvertently caused harm due to negligence in their line of work.
Property insurance can be summed up as an insurance for any damages incurred to any of your real estate or personal belongings due to unforeseen events and calamities. Under property insurance there are also specific policies that can be subscribed to like fidelity bond insurance for employee theft, machinery insurance for the machines used in your business, builder’s risk insurance to cover for building damages that might be incurred during construction or repair, crime insurance for possible incidence of robbery and other criminal activities inflicted upon your business, business interruption insurance which covers the loss of income that your company suffers after a calamity and while your business is recovering, and many more.
Workers compensation insurance covers an employees medical and salary compensation when he or she has suffered a work related injury. Under these would be disability insurance and some form of health recovery insurance.
Small businesses should also find an insurance policy that will cater to their specific needs and can accommodate a small businesses budget constraints. An example would be a group health insurance policy which is a practical and cheap commercial insurance for a small business.
Whatever the specific commercial insurance policy that you would be introducing in your business it is necessary that you understand first the requirements of your organization so that you can protect what is vital to your company’s operation and therefore save a lot of money in the long run.