Three Examples of Commercial Insurance

Three Examples of Commercial Insurance

February 16, 2022 Off By admin

Running a business is risky. When mistakes and accidents happen, it’s important to have the right commercial insurance to cover legal expenses, fines, medical bills, settlement costs, and other expenses. Here are three examples of commercial insurance to consider buying, depending on the type of business you run.

Public-Liability Insurance

Public-liability insurance (also called general liability insurance) protects you and your assets in case members of the public are injured in connection with your business. Members of the public include customers, non-paying visitors to your business, and delivery personnel. 

Employers’ Liability Insurance

This kind of policy works in conjunction with workers’ compensation and protects you and your assets in case of employee illness or injury. While workers’ compensation may cover the associated costs in many cases, sometimes the employee may feel that their restitution was not commensurate with their loss. In this case, the employee may sue for additional compensation, and this is where your employers’ liability insurance offers protection.

Professional-Indemnity Insurance

Professional-indemnity insurance offers protection in case your services, advice, or designs are alleged to have caused injury to your client. In this case, injury includes lost profits as well as other damages. This type of insurance does not cover an alleged damaged reputation of the client, however.

Running a business can have many risks, but luckily, there are many different kinds of commercial insurance available to protect you and your assets.