To protect businesses from various unexpected financial risks, insure your businesses with commercial insurance.
There are various types of commercial insurance available; one can choose it according to their business requirements and risk analysis.
There are different types of commercial insurance.
- Fire Insurance
- Marine Insurance
- Industrial Insurance
- Corporate Insurance
- Liability Insurance
- Shop Insurance
Fire Insurance:
Fire insurance is needed to protect your business properties and assets from loss due to an accidental fire or explosion.
For example, fire accidents or explosions cause damage to the machines of the industries, causing heavy losses to the business. To save your business from this, you need to insure it under fire insurance.
Marine Insurance:
It helps to cover the damages caused while transporting the materials during shipping. Some businesses require the import and export of their products. Marine insurance helps to cover loss or damage during shipment in the transportation process.
Buying marine insurance saves your business from heavy losses.
Industrial Insurance:
Industries need large machinery and a large setup. Machines require a major investment for the business. Industrial insurance is a must for your business; it helps to cover the various losses that arise, such as machinery breakdown or repair, electrocution that damages industry premises, and theft or burglary among workers.
Corporate Insurance:
It is the most necessary type of insurance to protect your company. It protects your enterprise from some financial obligations arising due to lawsuits, office theft, and accidents happening to employees.
Liability Insurance:
Sometimes damage can be caused to a third party by your business. It helps to cover nonintentional damage that happens to third parties’ property or their business. This covers your unpredictable loss or damage to third parties’ property.
Shop Insurance:
The business is to sell the product; the person requires a retail unit to sell the product. To cover the cost of the damage arising to the shop by theft of product or money in the safe, glass breakage, and damage to the shop due to a natural disaster, you need shop insurance.
Highly valuable businesses like jewelry shops and any branded shop need this insurance to secure their investment and materials.
Claiming commercial insurance:
Once disaster or damage occurs to your business property or assets, the immediate step is to file the insurance claim. The intermediary who helps buy the insurance policy also helps with the insurance claiming process.
