Commercial insurance provides companies with safeguards from unexpected problems. Shop owners’ insurance, warehouse insurance, transit insurance, product and public liability insurance, employees’ liability insurance, maritime insurance, property insurance, and much more are among the common insurance policies. In the event of any crisis, these policies provide business owners with a safety net.
TYPES OF INSURANCE
Let us look at some of the types of commercial insurance available in India that can help minimize and handle various risks related to businesses.
- Shopkeepers’ Insurance: Shopkeepers’ insurance is a perfect option for retailers dealing in food, clothes, small restaurants, sweet shops, etc. The challenges and contingencies that small and medium-sized companies face are discussed in a detailed Strategy. It covers the losses related to the following issues:
- Fire & Allied Perils
- Burglary and housebreaking
- Machinery breakdown
- Personal accident
- Transit Insurance: For example, if valuable business items are shipped from one place to another, from the supplier’s plant to the retail store, transit insurance should be considered to cover any damages resulting from damage or loss of consignment. It is important to assess the obligation to recognize the transit insurance policy in the selling contract and to take insurances long before the products leave the facilities of the provider. Only goods carried overland shall be protected by transit insurance. Following are the goods that are covered under transit insurance:
- Packaging material
- Manufactured goods
- Raw materials.
- Commercial Vehicle Insurance: Vehicle owners who carry passengers or goods must take insurance of the commercial vehicle against different forms of external damages. Some of the important features of commercial vehicle insurance are:
- Death or bodily injury caused by the use of the vehicle
- Any damage to the property because of the use of the vehicle.
- Liability Insurance: This policy allows for corporations and entities to be shielded from the possibility of being legally held accountable, in particular in the event of hospitals and business owners. For example, the owner of a plant may be held accountable by the workers who are electrocuted inside the plant. The insurance for employee liability can help in these situations and, if necessary, handle the cost of care along with legal costs.
- Warehouse Insurance: Companies in which most activities are employed and occur in many warehouses can suggest purchasing a warehouse insurance company. It includes natural disasters, fire, and the like. In addition, you should compensate for the robbery and burglary of human-made risks.
- Marine Insurance: If goods are transported across the sea to foreign destinations, they are subject to different adjustments. It goes by train, by road, by water and maybe even by air. It often switches several hands before the final destination is reached. The shipowners ensure the ship’s basic structure and the machinery by Hull and Machinery. The cargo owners guarantee their shipment under transit to safeguard the shipment. The marine policy can cover a particular time span or the journey or both. Make sure you align sufficient coverage with fair insurance costs to ensure maximum cargo coverage.
- Office Package Insurance: That form of insurance covers your workplace, including your infrastructure, and everything under your roof. It provides premises security in the event that fire, burglary, robbery, earthquakes, and others are harmed. It also offers compensation for personal injuries. All the problems included and omitted in the policy should be known. The strategy does not, for example, cover any issues resulting from criminal acts or warlike situations.
COVERAGE UNDER COMMERCIAL INSURANCE
Various types of commercial insurance offer coverage for various cases and situations. Let us understand some types of coverage provided by various insurance companies:
- Home insurance covers the house and the content inside the structure.
- Group health insurance covers medical expenses during hospitalization.
- Liability insurance covers costs of lawsuits and other damage to a person or property due to your business, profession, or vehicle.
- Transit insurance offers coverage for loss or damage to any cargo during transportation
The above-mentioned list is not limited to these points. The complete list is available on the official website of various insurance companies.