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    What Kind Of Commercial Insurance Do You Need?

    LincolnBy No Comments4 Mins Read

    What Is Insurance For Businesses?

    It’s not a matter of “if” but “when” accidents will happen. Fortunately, you can protect your company from unforeseen calamities with the appropriate liability business insurance policies. Business insurance can shield you from financial loss in a crisis or accident involving a fire, an injured employee, or a car accident. * Claims are subject to terms and conditions set forth under commercial insurance policy.

    Your profession and the services offered are two factors that will determine the kind of liability insurance you require.

    For All Small Businesses, General Liability Is Advised

    All small businesses should have general liability insurance. This liability policy offers a defence against frequent client or customer mishaps, such as bodily harm, property loss, and personal injury. This is an essential policy for any business because a customer accident could result in significant legal fees and medical costs. * 

    Claims are subject to terms and conditions set forth under the commercial insurance policy.

    Which Other Policies Do You Require Depend On The Risks Your Business Faces

    The policies you should buy will depend on the types of risk your small business faces. 

    Consider commercial property insurance, which protects your physical assets against loss or damage due to vandalism, natural disasters, and similar events, if you own a small business with valuable property. Incorporating this policy with general liability coverage in a business owner’s policy (BOP) may allow you to save money on premiums if you run a small business in a low-risk sector. ##

    • General Liability Insurance*

    1. Who requires it? Businesses that interact with customers in person or have a storefront
    2. What Reason? Accidental harm or material loss
    3. What is protected? Court costs, settlements, and judgments; attorney fees.
    • Errors And Omissions Insurance And Professional Liability Insurance*
    1. Who requires it? Companies that offer advice or professional services
    2. What reason? Workplace errors that resulted in harm or financial loss
    3. What is protected? Court costs, settlements, and judgments; attorney fees.

    • Workers’ Compensation Insurance*

    1. Who requires it? Companies that employ people
    2. What reason? Illnesses or injuries sustained at work
    3. What is protected? Expenses for medical care, disability benefits, and death benefits.

    • Commercial Car Insurance*

    1. Who requires it? Companies that have vehicles
    2. What reason? Injuries or property damage brought on by a business vehicle; theft, vandalism, and damage to vehicles
    3. What is protected? Court costs, settlements, and judgments; attorney fees.

    • Cyber Liability Protection*

    1. Who requires it? Companies that deal with credit cards or other personal information
    2. What reason? Exposing private data as a result of a data breach
    3. What is protected? Monitoring of credit, notification costs, and online extortion.

    • Commercial Property Insurance*

    1. Who requires it? Businesses with their premises, supplies, or machinery
    2. What reason? Storm damage, burst pipes, theft, vandalism, and fires
    3. What is protected? Replacement or repair of lost or damaged commercial property.

    • Insurance For Tools And Equipment For Contractors*

    1. Who requires it? Contractors using less than a certain amount worth of tools or equipment
    2. What reason? Theft, vandalism, or damage to work equipment
    3. What is protected? The price of fixing or buying new tools and equipment to replace lost or broken ones.

    • Product Liability Insurance*

    1. Who requires it? Companies that sell, produce, or distribute goods
    2. What reason? Injury or property damage brought on by a faulty product
    3. What is protected? Court costs, settlements, and judgments; attorney fees.

     Claims are subject to terms and conditions set forth under commercial insurance policy.

    * Standard T&C apply.

    ## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.

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