By Hale Jim
Running a business is no easy task. There are tough decisions to make, employees to handle, targets to meet, finances to take care of, and so much more. As a business owner or manager, it is important that you have the peace of mind to pursue your goals and take your business to the next level. However, business operations are often fraught with risks and unpredictable events that can leave your establishment hanging. The best way to take care of such risks is to opt for commercial insurance solutions. Different types of commercial insurance policies cover different scenarios and offer distinct benefits.
Liability insurance
Commercial liability insurance is a type of insurance policy that covers businesses against the liabilities they owe to different parties in the event of damage due to an unfortunate event. There are subcategories of liability insurance as well, such as:
- Product liability insurance covers losses that may occur when a mistakenly defective product causes damage to a third-party.
- Workmen’s compensation: provides compensation to the family of an employee when he/she suffers an injury or passes away, unfortunately, due to occupational reasons.
A liability insurance policy, thus, ensures that your business remains uninterrupted even when unfortunate situations cause you to become liable to pay large amounts of money. *
Marine insurance
Doing business via the sea is relatively easy and relatively economical. However, it also poses a unique set of sea-related risks and dangers. Natural disasters aside, even man-made calamities that are beyond one’s control, such as oil spills, collisions, pirate attacks, damage or loss of valuable cargo, and so on, can make one’s revenues go down the drain. A marine insurance policy helps businesses dependent on marine transportation become financially resilient in the case of unpredictable events. Many marine insurance policies also cover the transit of heavy, industrial cargo and equipment required for engineering and construction projects. *
International insurance
This type of commercial insurance financially protects businesses that are a part of international supply chains and are dependent on international operations to run efficiently. Manufacturers that supply to overseas companies, brands trying to create an international platform, joint venture organizations, and so on can benefit from this type of commercial insurance policy. Keep in mind to buy international insurance from an insurer that covers a variety of risks, such as property damage, accidents, injuries, and so on, in an extensive number of countries. *
Property insurance
The workplace is one of the most important aspects of any business. It is where all the action takes place, as one might say. Therefore, protecting this property from the risks that can tear it down is important. A property insurance policy helps the business recover financially from damage due to natural calamities such as storms, cyclones, floods, landslides, and manmade disasters such as fire, riot, strike, vehicle accidents, and so on. The various subcategories of policies under property insurance also take care of the losses that are an indirect result of a tragic event. So, for instance, the losses that the business incurs when equipment is being repaired due to damage in a fire are also covered. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
