It helps to protect businesses. It covers the business against the loss arising out of damage to the property, injury to the employees or is a term to label core business insurance that also covers public liability or employer’s liability.
Types of Commercial Insurance
A company should add Workers’ Compensation Insurance in its insurance list the moment its first employee is hired. It covers the medical treatment expenses of the employee and provides compensation in case of death or disability of the employee while he/she is working for the company.
One of the most important corporate insurance, Group Health Insurance offers healthcare benefits to a group of people, i.e. the employees of an organization. Generally, this insurance plan is uniform in nature and offers the same benefits to all the members of the group. What’s more, Group Health Insurance helps in availing substantial tax benefits.
Group Personal Accident
It protects its members against accident leading to disability or death. It is commonly available as corporate group insurance for employees/ owner/ board members of a company. Irrespective of the size of your group, you can buy customizable group personal accident cover to suit the requirements of your group members.
Similar to general insurance, Public Liability insurance also bears those liability expenses arising out of third party bodily injury, property damage within the premises.
This type of insurance is also called Errors and Omission Insurance (E&O) insurance and protects the business from all types of negligence claims and certain mistakes. This type of commercial insurance is mandatory for any organization that deals with accounting, finance, consulting, healthcare, law and insurance.
Product Liability Insurance
If you have a business which manufactures products for mass consumption in the general market, then you should definitely have Product Liability Insurance. Even if the manufacturer is sure that the products are flawless and safe, you ever know if the product will end up causing damage to someone. Thus, the best option to protect a manufacturing business is with the help of this specific type of corporate insurance.
Contractor All Risk
It helps to cover the misfortunes. Some safeguard plans cover a wide range of occurrences with an exemption of not very many ones under their All-Risk arrangements. hazard particular approaches which give money related cover just to those misfortunes that are recorded in the arrangement.
Includes both small and large businesses and all shops, such as boutiques, office spaces, Kirana stores, etc. This business and shop insurance won’t only cover for losses and damages caused due to fire but, will also cover for losses that could arise due to storms, earthquakes, burglaries and floods.
It is a type of insurance extended for marine industries, where the insurer covers against the loss due to any maritime perils or causalities in the sea including fire, war, pirates, perils etc.
It is a type of insurance extended for marine industries, where the insurer covers against the loss due to any maritime perils or causalities in the sea including fire, war, pirates, perils, etc.