So what is commercial insurance?
Simply put, commercial insurance is protection for your business. From new start-ups to well-established ones; An unexpected event can ruin your business if there is no proper coverage.
With so many insurance products and suppliers what is commercial insurance, it would be easy to think that commercial insurance is a complex issue. However, it does not have to be this way. Commercial insurance can be easily divided into 3 key areas:
Keep it legal
How to buy
Keep it legal
The law requires certain types of coverage. Employers ‘Liability Insurance, which covers employees’ claims for accidents and illnesses they may suffer as a result of working for your business, is a type of coverage that must be purchased. You will also need to purchase at least third-party insurance for all motor vehicles used by the company.
Ensuring proper coverage and protection is vital, so you need to take the time to ensure that you find a shelf (or shelves) that gives you exactly the level of coverage you need. Again, this should not be a complicated task if you break your requirements:
what is commercial insurance, Ensure your people – many companies often depend on the people they hire. Insurance is available to protect the business in case employees cannot work. Available types of coverage include Keyman insurance, income protection, insurance for directors and employees, and private coverage for health and critical illness.
Insure common risks – certain risks are common to all businesses. These include fire, theft, and equipment damage. It is worth researching (or looking for someone to investigate for you) whether common risks such as building and content insurance, money and goods coverage in transit and business interruption insurance can be covered by a policy of all risks. This can save your business time as well as money.
Specialized coverage – depending on your industry and requirements, policies can often be packaged together, with some even industry-specific with packages tailored to cover specialized sectors such as engineering or manufacturing. The other specialized coverage offered includes public and product liability and professional liability coverage.
How to buy
what is commercial insurance, Commercial insurance is more often purchased through an insurance broker? The benefit of using a broker is that they are insurance professionals who can recommend your policies while searching the market to find the best deal possible.
A good broker will offer personalized service and will understand your needs and those of your business. When looking for an insurance service provider, it is often worth checking to see if they are well established, have schemes with leading insurance companies, and offer local and personalized services.
If you follow these simple tips, then you and your business are likely to get the right coverage, protection, and peace of mind.
This article was written by Mark Burdett, marketing manager of insurance brokers in the northern counties. Mark has over 17 years of marketing experience in the financial services industry and has worked on campaigns for companies including Norwich Union, Kia, and Zurich.
what is commercial insurance, Now based in Newcastle upon Tyne Mark, he is the marketing manager for one of the leading insurance brokers in the UK – insurance brokers in the Northern Districts.
The northern counties have been providing business insurance since 1928 and you can contact them on 0191 482 1219 for all your commercial and business insurance needs.
What Is Commercial Insurance, There are a number of different types of commercial insurance policies. The type of business you run will determine the types of policies that will best protect your investment. All companies must have general liability insurance. If someone is harmed by you, your product, your services, or any of your employees, this type of policy will provide you with protection and pay for all damages related to the alleged loss.
Most companies will benefit from the protection offered by property insurance, which provides against loss of location, inventory, or equipment. These types of policies can also insure your clients’ property under your control. For example, if you have a watch repair business that burns down by destroying the watches you are repairing, your policy will cover the loss of the watches.
What Is Commercial Insurance, If your business involves transporting employees or equipment in vehicles, getting commercial insurance for cars is a wise decision. The commercial automotive policy protects against collision damage. It can also cover any damage caused by employees driving their own vehicles to the company’s business. Professional service companies should consider professional indemnity insurance, also known as abuse or error and omission insurance. This type of policy covers lawyers, accountants, notaries, real estate agents, hairdressers, and others for damages related to improper service.