Commercial insurance is a product designed to protect businesses from loss arising due to damage to crucial assets, injury to employees etc. and may even cover third party liability. Since every business runs on a different scale, and might have different features, it is essential to analyse the value of property, the number of employees, volume of business, recurring charges etc. to buy the right commercial insurance policy.
The major types of commercial insurance are listed below:
Third-party liability insurance: It protects the business from loss arising due to liability towards a third party, including product liability, injury or damage, workmen compensation etc.
Directors and Office Liability Insurance: This covers the personal liability of the directors or officers of a company in case of misconduct, negligence, breach of duty etc.
Shop owners Insurance: This protects small and medium-sized business owners from loss arising due to damage to assets insured, theft, natural disasters etc. as per the policy document.
Office Package Policy: This provides comprehensive cover for losses due to fire, natural disasters, damage to machinery etc.
Workmen Compensation Insurance: It provides compensation to employees on account of injury/death/disablement etc. during the course of employment.
Cyber Insurance: This is specifically important for businesses in the technology industry, as it protects from loss due to data theft, malwares and other cyber risks.