Commercial Insurance and Its Types

There are three common types of commercial insurance, such as property insurance, liability insurance, worker's compensation. Generally, damages to your business are covered by property insurance. When there are damages to third party then they are covered by liability insurance. Injuries on the job are covered by worker's compensation insurance. Sometimes you may need additional coverage, it may depend on your business. You can see in detail about them.

Property insurance: Coverage can be provided by this policy for losses and damages to real or personal property. Suppose if there is any damage to your office space because of fire then it will provide coverage for that. There are few additional coverages also. You can use them such as: Boiler and machinery insurance, Debris removal insurance, builder's risk insurance, glass insurance, business interruption insurance, inland marine insurance, tenants insurance, crime insurance, law insurance.

Liability insurance: Injuries which are caused by you to the third parties are covered by this policy. This insurance will pay the cost of claims, if any one sues you for personal injuries or damage of property. There are some variety of coverages such as: Errors and Omissions Insurance, Malpractice insurance, Automobile insurance, Directors and officers liability insurance.

Workers compensation insurance: If any employee gets injured at the work place, then it will be covered by this policy. If you are running a business with employees then there is requirement to carry some types of worker's compensation insurance.

So these are the types of commercial insurance, you can choose right insurance policy which is most suitable for your business.