Commercial Insurance Services

Commercial Insurance Services:

Commercial Insurance Services is an insurance that protects businesses against losses as a result of things like damage to property and injuries to employees 

Some facts about Commercial Insurance Services:

• Services such as risk management and health and safety can be offered to commercial insurance buyers by Commercial Insurance Services.
• Commercial entities such as businessmen, industries etc. can purchase Commercial Insurance Services to get the coverage for various business and related needs.
• Solutions for industrial sectors including construction, manufacturing, telecom, textiles, logistics etc. can be provided.
• A safety net for business operations and assets can be offered by these solutions when the need arises.
• The amount of coverage you pay for depends on the commercial insurance you have.

Types of Commercial Insurance Policy:

Property, workers’ and liability compensation are the most common commercial insurance types. However, the types of policies depend on the business and most insurers will have special packages for their businesses that fall under their solutions purview 

Property Insurance:

Property Insurance is one of the most common types of commercial insurance, in which any damages to your commercial properties are covered.

Shopkeeper's Insurance:

• Shopkeeper’s Insurance is a type of policy that covers damage to shop buildings and contents, housebreaking, burglary, bicycles, signboards, cash insurance, baggage, personal accident, liability etc. as per policy wordings.
• Shop Owner's Insurance Services can be purchased by the shop Owners of Retail chain, Shops/Showrooms, Shopping Arcades & Complex, Dealers where the Sum Insured of the building and contents together does not exceed two crores rupees.
• Your shop and its content are protected against all unforeseen and unfortunate situations if you have a shopkeeper’s insurance or retail shop insurance.
• You can be at peace, secure your profits and savings with a Shopkeeper's Insurance policy and hence focus on the growth of your business and take your shop to new heights.
• Your shop is protected against all unforeseen losses and damages such as fires, burglaries, natural calamities and explosions, etc.

Marine Insurance:

• Marine Insurance is a type of policy that covers marine cargo risks for industries such as oil and gas, power generation, paper and pulp, steel mills, wind power, infrastructure, machinery upgrades and so on.
• Coverage is provided against the losses or damages of cargo or goods during transportation between the points of origin to the final destination.
• Assurance can be provided for the goods dispatched from the country of origin to the land of destination
• Coverage for all means of transportation including road, railway, sea, air, couriers and postal service are provided by Marine insurance policy.
• The insurance is also known as the contract of marine cargo insurance when goods are shipped by air.
• Your goods are protected against material damages whatever may be your reason for transporting your goods.
• The Marine Insurance policy can be taken by buyers, sellers, import or export merchants, banks, contractors, or anyone engaged in the import and export of goods or transportation of it within the country. 

Liability Insurance:

• Liability Insurance typically covers bodily or personal injury and infrastructure damage, clinical trials, product recall, product liability, workers' compensation etc.
• Large multi nationals looking to offset business liability risks in diverse locations around the world can benefit the most by taking this policy.
• All legal costs that incur and any claims made by the injured if you have organized an event and a public member gets hurt in your premises are covered by this policy.
• There are two types of public liability insurance made for different types of businesses.
• are two types of public liability insurance made for different types of businesses whereas non-industrial risk is provided for businesses like Schools, IT companies, BPOs, Restaurants and Hospitals.
• It is mandatory for the business dealing in a hazardous environment to take suitable insurance.

Engineering Insurance:

Engineering Insurance is a type defined engineering risk classes including oil and gas, power, constructions, heavy industries, transportation systems etc. of policy that covers.

Energy Insurance:

• Flexible covers can be offered for challenging onshore and offshore industries by energy insurance.
• Comprehensive cover including downstream, midstream and upstream assets and operations are provided by this policy.

Employee Benefits Insurance:

Health insurance cover to employees of organizations such as group mediclaim or group personal accident plans is provided by Employee Benefits Insurance.

International Insurance:

• International Insurance policies provide customized services that address cross border issues of companies.
• The fiscal and regulatory framework of the region where they are operating is also taken into consideration.

Plate Glass Insurance:

Plate Glass Insurance policy will cover damages to plate glass or store windows if they are broken in any event.

Aviation Insurance:

• Aviation Insurance policies typically provide coverage for all types of aircraft such as small aircraft or private jets against total loss, disappearance etc.
• Damages to equipment, tools or supplies of the company is also covered by this policy, apart from dangers arising out of war and other acts of aggression.
• Crew members are also covered under Aviation Insurance policies.

Bankers Indemnity Insurance:

Bankers Indemnity Insurance typically provides coverage to all branches of a particular bank in the country.
Cover is provided against cash or securities lost on premises, forgery, dishonesty, in transit, hypothecated goods, registered postal losses and appraisers, etc.

Automobile Insurance:

Damages or loss to commercial cars, trucks, vans or other vehicles as well as injuries to property or persons is provided by Automobile Insurance policy.

Importance of Commercial Insurance Services:

Commercial Insurance policy is crucial for a business as it helps cover the costs associated with property damage and liability claims. It also provide protection against losses through unforeseen problems such as theft, injured employees, workers' compensation, or any business interruptions that are not planned.

• Business owners have to pay from their pocket for costly damages and legal claims against their company without this policy.
• This could be a financially devastating scenario for business owners depending on the incident.
• Businesses are required to have specific types of business insurance in some states.
• A business owner's policy (BOP) is required for almost all small businesses.
• Business property insurance, business liability insurance and business income insurance are combined in a BOP.
• A Commercial property insurance, also called as business property insurance, helps protect the physical location such as building and business assets of your business.
• General liability insurance, also called as commercial liability insurance, helps cover the costs of liability claims made against your business by someone who is gets injured inside your property.
• The costs of the claim  can be covered under Business liability insurance if  the person bring a lawsuit against your company.
• Lost income when your business can't operate due to a covered loss can be replaced by Business income insurance.
• Business income insurance is a great way to help ensure you can keep paying your bills, payroll, and endure the temporary suspension of your business.
• Businesses with employees need Workers’ compensation insurance, unemployment insurance and  disability insurance in most states.
• Financial support is provided to employees who are unable to work because of a job-related injury or illness by Workers' compensation policy.
• Benefits are provided to workers who are displaced from their jobs through no fault of their own by Unemployment insurance.
• Business owners can tailor their insurance protection from a wide variety of business insurance coverages to address the specific risks facing their business.
• You need to think about the important aspects of your operation that need protection while choosing coverages for your business.
• The type of work you do, Your physical premises, Property and equipment, Intellectual property, Employees and customers need to be considered while choosing the type of commercial coverages for your business.
• Your coverage needs may change as your business grows.

Benefits of Carrying Commercial Insurance policy:

Business Downfall can be Prevented:

A Property insurance will help you start over in case of a fire broke out in your business and burns everything, from the building to office property. Income loss is covered by business owner's insurance policy in such cases.

The Business can be Made Look Credible:

One component that is checked by the consumer is whether a business is insured, while doing their research before conducting business with a company. Clients are assured that you are a credible business, and it is safe doing business with you if you have business insurance. Most companies advertise as 'licensed, bonded and insured' which builds trust for consumers, and trust is crucial to the success of a business.

The Employees are Protected:

Employees are the most valuable asset of your business. Protecting the employees in an organization is a crucial step that can be done by taking workers' compensation insurance. Purchasing a disability insurance, is an added advantage for your business. Protecting the employees also means protecting the company from lawsuits and liability claims. Qualified employees are attracted and retained by insurance. Most job seekers always lookout for benefit packages that include life, health, disability and long-term care insurance. Your employees are provided protection if you have commercial insurance.

A Possibility of a Lawsuit is Always There:

Your business could go down if there is even one broken contract, one accident, or one disgruntled employee. The cost of legal defense could drag your business down even if you were to win the lawsuit. You can save yourself the trouble and run your business without worry with liability insurance. You will always worry when something happens without liability insurance.

Insurance is Required by Contracts:

You will need insurance if you intend to rent your business facility.  The lenders will need your business insurance if you intend to take business loans. Business insurance is very important as some client contracts may also require insurance in case things go wrong.

Specific Business Insurance Policy:

Businesses in different industries may need specific business insurance coverages to help meet their unique needs. The business you have worked so hard to build are protected by taking proper insurance.

Commercial Insurance for Landscaping and Arborists:

Landscaping and arborists should have a Business Income Extension for Off-Premises Operations as this coverage can help replace income lost if your business can't operate when equipment was damaged on the job site. Adding Herbicide/Pesticide Insurance coverage should also be considered by Landscapers as his can help cover costs resulting from pollution caused by using pesticide or herbicide.

Commercial Insurance for Real Estate Businesses:

Commercial auto insurance is required for Real estate businesses which can help cover the costs if an employee causes an accident while driving for work. Employment practices liability (EPL) and employee benefits liability (EBL) insurance can also be beneficial for Real estate agencies . EPL can help cover the costs related to the claim if a claim of wrong termination, discrimination, harassment or other employment related issue is made by an employee. The costs related to claims that your company committed errors or omissions in the administration of your employee benefits plan is covered by EBL.

Commercial Insurance for Retail Businesses:

Adding Business Income from Dependent Properties and Franchise Upgrade coverage can benefit Retail businesses. Lost business can be covered by Business Income from Dependent Properties, if a third party your business depends on causes your store to lose business.  Business Income Dependent Properties coverage can help cover the income you lost depending on the reason for shutdown. The costs will be paid to upgrade a retail store to meet franchise standards after a covered accident in Franchise Upgrade coverage.

Commercial Insurance Needs for Restaurants:

Adding Liquor Liability and Temperature Change insurance can help protect Restaurants and other food service businesses. The restaurant could be held liable if a patron who was served alcohol causes a fight or accident. The costs of a claim involving the sale of liquor at a restaurant is covered in Liquor Liability. The restaurant is protected if refrigerator units break down and cause spoilage in Temperature Change coverage. This coverage can help pay for the cost to replace the stock also.