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Types of Commercial Insurance.
The most common types of commercial insurance are BOP (Business
owners policy) , property, General liability and workers' compensation.
In general, property insurance covers damages to your business
property; liability insurance covers damages to third parties; and
workers' compensation insurance covers on-the-job injuries to your
employees. Depending on your business, you may want additional
specialized coverages. Listed below are some of the different types of
business insurance.
PROPERTY INSURANCE
Property insurance pays for losses and damages to real or personal
property. For example, a property insurance policy would cover fire
damage to your office space. You can purchase additional coverages
for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as "equipment
breakdown" or "mechanical breakdown coverage," provides coverage
for the accidental breakdown of boilers, machinery, and equipment.
This type of coverage usually will reimburse you for property damage
and business interruption losses. For example, this coverage would
cover fire damage to computers.
Debris Removal Insurance
Debris removal insurance covers the cost of removing debris after a
fire, flood, windstorm, etc. For example, a fire burns your building to
the ground. Before you can start rebuilding, the remains of the old
building have to be removed. Your property insurance will cover the
costs of rebuilding, but not of removing the debris.
Builder's Risk Insurance
Builder's risk insurance covers buildings while they are being
constructed. For example, a Builder's risk policy would cover losses if a
windstorm takes down your partially constructed condominium complex.
Glass Insurance
Glass insurance covers broken store windows and plate glass windows.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people's
property on your premises. For example, this insurance would cover
fire-damage to customers' clothing from a fire at your dry cleaning
business.
The most common types of commercial insurance are BOP (Business
owners policy) , property, General liability and workers' compensation.
In general, property insurance covers damages to your business
property; liability insurance covers damages to third parties; and
workers' compensation insurance covers on-the-job injuries to your
employees. Depending on your business, you may want additional
specialized coverages. Listed below are some of the different types of
business insurance.
PROPERTY INSURANCE
Property insurance pays for losses and damages to real or personal
property. For example, a property insurance policy would cover fire
damage to your office space. You can purchase additional coverages
for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as "equipment
breakdown" or "mechanical breakdown coverage," provides coverage
for the accidental breakdown of boilers, machinery, and equipment.
This type of coverage usually will reimburse you for property damage
and business interruption losses. For example, this coverage would
cover fire damage to computers.
Debris Removal Insurance
Debris removal insurance covers the cost of removing debris after a
fire, flood, windstorm, etc. For example, a fire burns your building to
the ground. Before you can start rebuilding, the remains of the old
building have to be removed. Your property insurance will cover the
costs of rebuilding, but not of removing the debris.
Builder's Risk Insurance
Builder's risk insurance covers buildings while they are being
constructed. For example, a Builder's risk policy would cover losses if a
windstorm takes down your partially constructed condominium complex.
Glass Insurance
Glass insurance covers broken store windows and plate glass windows.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people's
property on your premises. For example, this insurance would cover
fire-damage to customers' clothing from a fire at your dry cleaning
business.
Commercial insurance is insurance for a business. In fact, it is one of the most
important investments a business owner can make. Commercial insurance can be
instrumental in protecting a business from potential loss caused by unforeseen
and unfortunate circumstances.
Commercial insurance can provide valuable protection against such things as
theft, property damage, and liability. It can also provide coverage for business
interruption and employee injuries. A business owner who chooses to operate a
business without insurance puts his enterprise at risk of losing money and property
in the wake of an unfortunate event. In some situations, a business owner may
even place personal money and property at risk by failing to secure adequate
commercial insurance.
Depending on your particular business, there may be some types of commercial
insurance you don’t need. For example, you may need commercial property
insurance, but not commercial auto insurance. Keep in mind, however, that it is
wise to learn about the different types of commercial insurance, even if you don’t
need them all. As your business grows and expands, you may discover that your
insurance needs change. Obtaining preliminary information now will provide you
with the basic information you need to decide whether or not to add to or change
your policy later.
important investments a business owner can make. Commercial insurance can be
instrumental in protecting a business from potential loss caused by unforeseen
and unfortunate circumstances.
Commercial insurance can provide valuable protection against such things as
theft, property damage, and liability. It can also provide coverage for business
interruption and employee injuries. A business owner who chooses to operate a
business without insurance puts his enterprise at risk of losing money and property
in the wake of an unfortunate event. In some situations, a business owner may
even place personal money and property at risk by failing to secure adequate
commercial insurance.
Depending on your particular business, there may be some types of commercial
insurance you don’t need. For example, you may need commercial property
insurance, but not commercial auto insurance. Keep in mind, however, that it is
wise to learn about the different types of commercial insurance, even if you don’t
need them all. As your business grows and expands, you may discover that your
insurance needs change. Obtaining preliminary information now will provide you
with the basic information you need to decide whether or not to add to or change
your policy later.
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