Commercial Insurance can provide valuable protection against such things as theft, property damage and liability.  It can also provide coverage for business interruption and fidelity (employee dishonesty).

To remain safe in the knowledge that your assets are covered, make sure to contact us for the best deal in the market!

The most familiar types of commercial insurance are property, liability and workers' compensation.  Property insurance covers damages to your business property, liability insurance covers damages to third parties and workers' compensation insurance covers on-the-job injuries to your employees.  Depending on your business you might need additional cover.

Listed below are some of the different types of business insurance available:

Boiler and Machinery Insurance also referred to as equipment breakdown or mechanical breakdown coverage provides cover for the accidental breakdown of boilers, machinery and equipment.  This type of cover usually reimburse you for property damage and business interruption losses.

Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc.  For example a fire burns your building to the ground, before you can start rebuilding the remains of the old building have to be removed.  Your property insurance will cover the cost of rebuilding, but not removing the debris.

Builder's Risk Insurance covers buildings while they are being constructed.  For example, if the wind takes down your partially constructed roof, the builders risk insurance would cover the loss.

Glass Insurance covers broken store windows and plate glass windows.

Inland Marine Insurance covers property in transit and other people's property on your premises.  For example, fire damage to a customer's clothing from a fire at your dry cleaning business.

Business Interruption Insurance covers lost income and expenses resulting from property damage or loss.  For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents and net profits that would have been earned during the two-month period.

Ordinance or Law Insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50%).  For example, your five-story building is 100 years old and a flood destroys the basement and first three stories.  This caused more than 50% of your building to be rebuild.  A local ordinance requires that the building be completely demolished and rebuilt according to current building codes your insurance will cover the replacement value and not the upgrade.

Tenant's Insurance covers the renter's damages to improvements that is made to the rental space and damages to the building caused by the negligence of your employees.

Crime Insurance covers theft, burglary and robbery of money, securities, stock and fixtures from employees and outsiders.

Fidelity Bonds is where a bond company will cover losses due to a bonded employee's theft of business property and money.

Liability insurance covers injuries that you cause to third parties.  If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy.  A general liability policy will cover you for common risks, including customer injuries on your premises.

Here follows more specialised liability insurance available:

Automobile Insurance covers the cars, vans, trucks and trailers used in your business.  The cover will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property.

Errors and Omissions Insurance covers accidental mistakes or failures that causes injury to a third party.  It should be an accidental act and not merely poor judgment or intentional acts, for example when damages arises from an insurance agent failing to file policy applications or a notary forgetting to fill out notarisations properly.

Malpractice or professional liability insurance pays for losses resulting from injuries to third parties when a professional's conduct falls below the profession's standard or care.  For example, if doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him.  A malpractice policy will pay his defense costs and any judgment or settlement.  This cover is available for doctors, dentists, accountants, real estate agents, architects and other professionals.

Directors and Officers Liability Insurance is generally purchased by corporations and non-profit organisations to cover the costs of lawsuits against directors and officers.