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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 & Office 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.