Commercial Insurance Types
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What Are the Different Types of Commercial Insurance?
There are two main types of commercial insurance which are divided up into subcategories: property and casualty insurance:
- Property Insurance - Property insurance provides coverage for stolen, damaged, or destroyed property. There are several lines of coverage within this category:
- Commercial Property Coverage - This covers your business personal property and the personal property of others
- Inland Marine - This covers damage to or destruction of your business property while it is being moved from one location to another. Additionally, it also covers the liability exposure for the damage or destruction to the property of others while in your possession during transport.
- Boiler and Machinery - This covers business property, other property losses, and legal fees resulting from boiler and other machinery malfunctions. Boiler coverage extends to the costs of maintenance to prevent such damage from occurring as well as maintenance of heating, ventilation, and air conditioning units.
- Crime - This covers the loss of merchandise and other assets of your business due to burglary, robbery, larceny, forgery, and embezzlement.
- Casualty Insurance - Casualty insurance provides coverage primarily for the negligent acts or omissions of the individual, business, or organization. There are several lines of coverage within this category as well:
- Commercial Automobile - This covers any liability caused by use of an automobile in your business. There are different types of commercial automobile insurance to fit your business needs.
- Commercial General Liability - This is the standard business insurance for liability coverage. There are three types of this coverage
- Premises Liability - Covers accidental injury or property damage resulting from dangerous condition(s) on business premises.
- Products Liability - Covers bodily injury or property damage resulting from the use of your business' goods or services.
- Completed Operations - Covers bodily injury or property damage caused from the completion of your work.
- Commercial Umbrella - This is coverage for your business in case any liability insurance already possessed does not fully cover the actual liability. Having this insurance covers the excess liability.
- Worker's Compensation - Provides compensation for workers who become injured or ill due to a work-related activity.
Does My Business Need a Lawyer?
Business insurance policies tend to be very complex and specific. Additionally, state law regulates business insurance and affects exactly what your policy can cover. Hiring a business lawyer to go over your business' policy can help your company understand its coverage. If your business has to go to court, an attorney will know your state's laws and give you the best chance of winning your lawsuit.
Consult a Lawyer - Present Your Case Now!
Last Modified: 07-15-2014 12:19 PM PDT
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