Comercial Insurance, Business Insurance

Commercial insurance is a risk management solution for businesses. Depending on the nature (type of industry - low risk/high risk) and magnitude (as measured by annual turnover and employee strength) of the business, the value of premium is decided.

What Does Commercial Insurance Cover?

Property Damage: This is a cash cover against damage to property as a result of earthquakes, fire, flood or demolition.
General Liability: The expenses incurred due to lawsuits and their consequent judgments are covered.
Professional Liability / Errors and Omissions: This coverage includes the expenses incurred due to the company’s actions or failure to act, thereby causing damage to someone else.
Worker’s Compensation: This covers the employer for an employee’s on-the-job injuries. Employees can sue the employer for negligence for injuries during the course of their employment. Compensations to workers are paid through this protection.
Business Interruption Insurance: This cash cover acts as a financial protection in case the business gets shut down temporarily due to any unfortunate event. The coverage includes all the necessary ongoing expenses as well as the reimbursement of the profit that the company would have been making otherwise.
Key Person Life Insurance: This is structured to protect the company in case of the loss of a valued and skilled employee. The proceeds from this insurance can be used to hire and train a new employee as well as compensate the monetary loss caused.
Equipment or Mechanical Breakdown: This cover protects businessmen from the unintentional breakdown of machinery and equipment by reimbursing them for property damage and business

Taken from : economywatch.com