No doubt Commercial insurance is a boon to the businessmen. It is an ultimate protection against huge out of the pocket expenditures, property damage, liability as well as theft. Here's a glance at each and every detail to help you decide which one suits you the best.
Commercial Property Insurance
Equipment breakdown coverage: Also known as mechanical breakdown coverage or boiler insurance, it entitles you for the reimbursement of both- your property damage as well as business interruption losses. It involves a wide range of following insurances:
* Debris removal insurance: As the name suggests, it covers the cost of removal of debris after an accident like fire, flood, or earthquake. Unlike your regular property insurance which covers only the cost of rebuilding.
* Business interruption: It covers the losses incurred from damages of business property. It would pay you for salaries, taxes, rents along with the net profits that were earned at the time of its closure.
* Ordinance or Law insurance: This insurance covers any demolition and rebuilding costs in case your business is charged for violation of some code.
* Tenant's coverage covers your employees' negligence towards your property.
* Crime insurance provides coverage against theft, burglary and robbery of anything which is a part of business property, by the employees and outsiders.
* Fidelity bonds are entitled to cover losses that occur due to a theft of money and property which was part of the business by any of the employees.
Liability insurance
It covers the cost of the losses that you cause to the third parties. This insurance covers the cost of defending you, if somebody causes any damage to you or your property. Its specialized types include:
* Errors or omissions insurance covers the case that involves any accidental error and is not concerned with any poor judgment or deliberate acts.
* Malpractice insurance pays for the losses caused when the professional treatment fails to provide appropriate care to come over the injuries caused to the third party.
* Commercial automobile insurance covers the vehicles involved in your business.
* Directors or officers liability coverage pays for any lawsuit against officers or directors of the company.
Workers' compensation insurance
This type of insurance covers the cost of work related injuries for employees.
Do remember that insurance is a necessary investment which not only takes care of your business but also the employees. However, as it implies to any business transaction, 'Handle it with care'.
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