Commercial Insurance is an insurance policy that helps business owners to protect themself against loss. The loss may be due to damage to business property or injury to employees. It one of the types of business insurance that provides coverage for various business and related needs of industries.
Do the business owners’ need commercial insurance to protect their business? The answer is ‘yes’. Risk varies from business to business and for some they are likely to be bigger, which can be cover by commercial insurance.
Types of Commercial Insurance
As there is much commercial insurance policy available. For different coverage and property commercial insurance varies. Some of them are:
Product Liability insurance:
They come under business insurance policies. That covers the cost of compensation claims if someone is injured or property is damaged by the product you have sold to them. Liability itself means to be responsible’ for something.
Business building insurance:
The business building insurance covers the premises you use for business activity. Building insurance for commercial properties isn’t mandatory for business owners’ but can cover damage for unexpected happens.
Stock insurance:
This insurance protects your stocks from vulnerable to theft and damage as your tools and machinery. If your stocks are insured then it helps your mind to rest, freeing you up to get on with the task in hand.
Avigation insurance:
This policy provides protection to any aircraft, big aircraft or private jets in case of damage or against disappearance. The insurance policy also covers the damage of inside equipment, tools or other services supplies, apart from dangers arising out of war or any other aggressive activities. The crew inside the aircraft are also insured with such type of policy.
Plate glass insurance:
The policy covers the damage caused to plate glass or glass windows when broken.
Automobile insurance:
These insurance policies provide coverage to any commercial cars, vans, or any other vehicle work under it if damaged. And covers the damage that occurred to the property or person inside it during an accident.
As there are many more commercial insurances includes:
- Business contents insurance
- Business interruption insurance
- IT equipment insurance
- Property insurance
- Shopkeepers’ insurance
- Marine insurance.
Home Insurance :
Home insurance, commonly known as homeowners’ insurance (abbreviated as HOI), is a type os property insurance, also comes under business insurance that covers the private residence.
This policy is a multi-line policy, that covers both property insurance as well as liability coverage. And the premiums are indivisible, which means a single premium is paid for all the risk. Claims due to floods or war damage to the property are excluded from coverage. Special insurance is available for those cases.
Many home buyers borrow money from the bank as a mortgage loan, and the mortgage lenders often put forward conditions to have homeowners’ insurance, in case any damage occurs to the property they may receive their loan premiums.
What does home insurance cover?
- Theft
- Smoke
- Fire or lightning
- Weight of ice, snow, and sleet
- Freezing of household systems
- Damage caused by vehicles
- Explosions
- Volcanic eruptions
- Sudden tearing, cracking or bulging of home, etc.
What does home insurance does not cover?
- Floods
- Landslides
- Earthquakes
- Nuclear hazards (in case of war)
- Government actions.
How much does homeowners’ insurance cost?
The cost of homeowners’ insurance is to determine the condition of your property, according to which the cost is decided. And the insurer typically looks at the following conditions:
- Age of your home
- Claims did by you and your neighborhoods
- Your coverages, and deductibles and many more.
The premiums for home insurance is comparatively higher. If you are worried about your premiums to remember, the pay you will do for home insurance varies the way you live. For example, the insurer may give you a discount for building your home, if no one smokes and common safety features are available in your house.
