Commercial Insurance
 
There are different kinds of Commercial Insurances available to small businesses. The most common are liability insurance, property insurance and worker’s compensation. Depending on the size and kind of your business you may need specialized coverage plans. Some of the common business insurances include
 
Property Insurance: This kind of insurance covers loss and damage to real and personal properties. Most of the common coverages are fire damages, flood, injury and others. There are also special cases such as:
  • Machinery and Boiler insurance- Also known as “Mechanical breakdown Insurance” or “equipment breakdown insurance. This insurance is used for protection against sudden or accidental breakdown of machines and boilers in an industry.

  • Debris removal- this insurance covers the cost of cleaning the debris after a flood, fire hazard or a windstorm

  • Builder’s Risk insurance- covers risks encountered during the construction phase such as a wind or a storm wiping away the flooring

  • Glass insurance- protection against the broken windows in stores and offices

  • Marine and Inland- covers goods when they are bring shipped against flood, fire wind etc

  • Crime- protection against crimes such as robbery, stocks, securities and related stuff

  • Law insurance- also known as Ordinance insurance. Useful to cover rebuilding costs according to the current building code

  • Business interruption- when there is a natural calamity that has distracted you from opening your office, Business Interruption insurance is useful to pay you employees, taxes, rents etc
 
Liability Insurance: This is the kind of insurance that covers damages done to a third party or the direct consumer as a result of using the product. There are different kinds of liability insurances like the

  • Errors and omissions(E& O)- this kind of insurance covers involuntary mistakes and failures that can cause injury to a third person

  • Malpractice Insurance- covers professionals like doctors, lawyers and consultants when they have been issued a law suit due to malpractices

  • Automobile Insurance- Covers automobiles when involved in accidents, theft or other calamities

  • Officer and Director Liability Insurance- normally used by companies to protect their employers such as Directors and higher officers against a law suit
 
Workers’ Compensation Insurance: This type of Insurance covers the employee’s injuries while on-job. In many states, it is mandatory that the employer with many employees must carry a worker’s compensation insurance. This covers the company’s employees for injuries, legal rights , politics and other unjust practices by the employer.
 
 
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