Human life isn’t the only thing that is prone to risk. For that reason, it is essential to consider insurance beyond life and health insurance. All business that operate have some or other form of risk. It can be internal as well as external factors; be it from its competitors or the environment in which it operates. For that reason, the concept of commercial insurance has stemmed and is witnessing an increasing importance in the modern world. Here are some of the types of commercial insurance that can be useful for different organisations depending on how exposed it is to business risks.
Shopkeeper’s insurance
With a commercial insurance for brick and mortar store operators, this policy helps insure against the various perils of fire, burglary, machine breakdowns or even personal accidents. These kinds of risks are not only for store owners, but also for other small to medium-sized organisations. TnC Apply.
Transit insurance
When goods are transported from one location to other, various perils can damage them. To cover for such unexpected losses to your consignment, a transit insurance comes handy. Generally, a sales contract defines the responsibility of obtaining the transit insurance. While businesses must purchase this insurance before any movement of goods begin. This type of insurance plan is limited in scope to where the transportation of such goods over road. For other modes of transport, there are other forms of commercial insurance.
Marine insurance
International transportation of goods witnesses multiple modes of transport like rail, road, water and even air. With different modes, there are more risks to the consignment and for which a marine insurance policy must be purchased.
Liability insurance
Organisations that not only deal in goods require commercial insurance cover, but also those that render services. With a liability insurance cover, any liabilities that are raised against the business organisation can be insured using a liability insurance policy. Be it claims from customers, or even employees, all of them are covered under liability insurance.
Warehouse insurance
Many business organisations depend on a warehouse facility to ensure smooth supply of materials, both raw materials for production, and the finished goods. With a property insurance to such warehouse, these goods can be insured thereby avoiding financial losses and business disruptions. TnC apply.
What are the benefits of commercial insurance plans?
The foremost reason is to mitigate against the losses that may be caused during routine business operations thereby disturbing the operational cashflows. A commercial insurance plan offers mental peace knowing a backup plan is read to tackle the unexpected contingencies of business interruptions due to various perils. There is no specific risk that a business may face based on industry in which it operates. Hence, this commercial cover helps to mitigate a varied range of perils which includes legal suits and other operational disruptions. TnC apply.
What are things you must remember when buying one?
Not all insurance companies offer similar coverage. Hence you need to closely look at what is covered by your insurer and whether that particular risk is faced by your business. Further, take a close look at the terms of the contract and how the compensation shall be paid. Further you also need to stay aware of the legal obligations that you need to comply to raise a claim. TnC apply.
With the above pointers in mind, avail a commercial insurance policy for your business today. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
