What is Commercial Insurance?

Simply put, Commercial Insurance is designed 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

The various types of commercial insurance are categorised as below:

Liability Insurance

Liability insurance protects the business while a claim is arising out of third party injury or damage to property. It covers the legal costs for which the company or insured is held responsible.

Directors & Officers Liability Insurance

This liability insurance is meant for Directors and Officers of a company, which covers the personal liability of Directors & Officers arising wrongful act in their professional tenure. This includes alleged breach of duty, misstatement, negligence or errors.

Shop owners Insurance

This policy is tailor-made to cover all the possible risks and damages faced by small to medium-sized (SME) shop owners. This policy ensures a free state of mind by providing a financial shield against damage to the insured property and the other interest of the insured regarding the business. It protects the shop owners from the probable risks from the natural disasters, theft or burglary as well.

Fire Insurance

It is a kind of insurance that covers damages or loss due to the outburst of fire. With a fire insurance policy, the insured can claim the expenses incurred in the repair or reconstruction of damaged property.

Burglary Insurance

This policy loss or damage to insured property due to burglary and housebreaking, damage due to the attempt of burglary. Some insurers also offer extended protection against the damage out of the riot, strike, theft or malicious act.

Office Package Policy

An Office Package Policy is a full-fledged insurance package to cover one’s business. This comprehensive insurance offers coverage to fire, burglary, machinery breakdown etc. under a single roof. This is the one-stop solution for all contingencies that your business may expose to.

Marine Insurance

Marine insurance 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.

Construction's All Risk Insurance

This policy offers extensive coverage against the loss during construction, contract work, construction machinery etc. This policy is specially designed for architects, financers, construction engineers, which covers the destruction of any ongoing projects. Apart from the material damage, it also covers third party liability arising out of fatal injury, property damage etc. Perils like fire, earthquake, water damage, storm, cyclone etc. are also covered.

Erection All Risk Insurance

This policy provides comprehensive coverage against loss or damage to the installation of machinery or equipment. It protects the contractor or employer against physical loss or damage to the contract work, construction plant or machinery. It covers third party liability damage or injury as well.

Plant & Machinery Insurance

The policy largely covers damage or loss to the contractor’s construction machinery such as excavators, cranes, compressors, etc. While machinery is an important element of a construction site,  damage or breakdown of the same can’t be affordable. With this plan, the employer can mitigate the financial burden of repair or replacement in case of machinery breakdown.

Workmen Compensation

This policy covers the employer during a statutory liability arising out of death or injuries caused to the workers during the course of employment. The policy mainly covers bodily injury, death or temporary disability, permanent total disability, legal costs arising with the company’s consent etc.

Business Insurance

Business insurance is necessary to protect a business from financial loss arising due to property damage, fire, natural disasters, theft or legal liabilities.

General Liability Insurance

General liability insurance pays for the liability claims arising out of bodily injury, proper damage to a third party within the business premises.

Public Liability Insurance

Similar to general insurance, Public Liability insurance also bears those liability expenses arising out of third party bodily injury, property damage within the premises.

Comprehensive General Liability Insurance

The policy covers all the expenses, which the insured or the employer held responsible to pay for the damages as an outcome of accidental death, bodily injury, disability to the third party or third party property damage.

Cargo Insurance

This policy is designed for the organisations dealing in the cargo business. The policy offers wide coverage against loss or damage caused to the cargo while in shipment between any two points by air/rail/road/train/or courier

Transit Insurance

This policy covers the risks associated with the transit of goods and merchandise. The policy covers your business for loss or damage of cargo while transiting.

Cyber insurance

Cyber insurance policies are designed to help businesses overcome the effects of cybercrimes like ransomware, malware, distributed denial-of-service (DDoS) attacks, etc. that may be used to compromise a network and the confidential information. It is also termed as security insurance or cyber risk insurance; these products are customized to help organizations mitigate specific cyber risks.

Policybazaar for Business - Commercial Insurance - Customer Reviews
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Based on 11 reviews
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Based on 11 reviews
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4.5 April 06, 2023
Raghvendra Sharma
Fantantic Service
I purchased a Plant & Machinery insurance policy from Policybazaar, and I am very pleased with the level of service I received. The website was user-friendly and made it easy for me to find the policy that suited my needs. Thank you, Policybazaar, for providing such a fantastic service and making the insurance purchase process hassle-free.
4 April 05, 2023
Jagdish Rastogi
Better Expert Advice
I recently bought an Erection All Risk insurance policy from Policybazaar, and I am thrilled with the level of service provided. The representatives were very helpful in explaining the policy's terms and conditions and answering all my questions promptly and efficiently.
4 April 04, 2023
Aakash Verma
Good Customer Service
I purchased a Construction All Risk insurance policy from Policybazaar, and I am extremely pleased with the level of service I received. They provided me with quick and clear responses to all my queries and helped me understand the policy terms and conditions.
4 April 03, 2023
Ramnath Gupta
Quick Issuence Service
I bought a Shop Insurance Policy from Policybazaar and I am extremely satisfied with their service. The website was user-friendly and I was able to compare different policies. What impressed me the most was the level of customer service provided by Policybazaar.
4.5 April 02, 2023
Ajeet Kesarwani
Easy To Buy
I recently purchased an Office Package Policy from Policybazaar and I couldn't be more satisfied with the service I received. The website was easy to navigate and I was able to compare different policies to find the one that was right for my business.
4.3 April 01, 2023
Jignesh Patel
Protection Against Mishaps
I would recommend Policybazaar for those in need of Cyber Insurance. Their policies provide thorough coverage, are cost-effective and supported by a team of knowledgeable and helpful customer service representatives. Thank you, Policybazaar, for delivering exceptional service!
4 March 31, 2023
Mohit Kumar
Amazing Benefits
I would highly recommend Policybazaar to anyone who needs Directors and Officers Liability insurance. Their policies are comprehensive, affordable and backed by a knowledgeable and supportive customer service team. Thank you, Policybazaar, for providing such a great service!
4 March 30, 2023
Bhavesh Kapoor
Understanding Team
I purchased a liability insurance policy from Policybazaar, and I must say that I am thoroughly impressed with their service. The process of buying the policy was quick, and their website is user-friendly, making it easy to compare different policies and choose the right one.
4 March 29, 2023
Rajkishor Kataria
Satisfied With Service
I am pleased to share that I bought a workmen compensation policy from Policybazaar and I am pretty much satisfied with their service. The policy purchase process was hassle-free, and their customer service team was very supportive in providing quick responses to all my inquiries. I found the policy purchasing procedure simple and straightforward.
4 March 28, 2023
Jagdish Shinde
Great Services
I recently purchased marine insurance for my business from Policybazaar and I must say that I am thoroughly impressed with their services. The process of buying the insurance was smooth and their team was extremely helpful in answering all my queries.