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  • > Quick Guide to Commercial Insurance Policy
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The Benefits of Commercial Insurance Policy

Property Insurance

Property insurance covers the damage caused to your property due to unexpected fire, burglary and/or natural perils. They are designed to also protect your ongoing construction projects from various kinds of damages, even before the project is completed and ready for inhabitation. You can now effectively insure your warehouse, the goods stored in them and goods stored in the factory from any form of damage that could lead to huge loss in finances.

Marine Insurance

With marine insurances, cover all your ships, goods and cargo transported by means of sea, rail, road, air or waterways, from all kinds of risks during a journey. Various risks that prevail during goods transportation are: damage to goods or the damage to the vessel/vehicle itself. You can insure your shipments whether imported or exported, from several risks. This also covers goods that move across several locations before final delivery.

Liability Insurance

Protect yourself against unexpected liability claims arising from third parties, due to bodily injury or property damage or from customers due to deficiency and negligence in service. Liability insurances can also protect key executives and directors from litigation brought about by their role in the company. This insurance covers the cost of litigation and the final court awards. These insurances help in coping with any unnecessary litigation.

Specific Liability Risk

There are certain insurances like cyber risk, commercial crime insurance and carriers’ legal liability that are made for specific industries. Cyber risk will protect you from the financial loss due to failure of IT systems. Carriers’ legal liability protects fleet owners and transporters from damage to goods and merchandise transported in the vehicle. Commercial crime insurance covers financial services companies from a variety of criminal acts.

Quick Guide to Commercial Insurance Policy

Definition of Commercial Insurance

The purpose of a commercial insurance is to keep the business up and running by protecting it from potential losses from accidents. Commercial insurances are classified into 3 broad headers: Liability, Marine and Property insurance.

Relevant Commercial Insurance for your business

To answer the question - How to choose commercial insurance that suits your business? Choosing the right commercial insurance can be a solution to most of your business’ issues and this requires proper evaluation based on the industry of operation.

  • Nature of business: Every business has its own set of operations and risks. This is the reason why a pizzeria will have a different commercial line insurance compared to a truck manufacturing company. Hence, different commercial insurances.
  • Place of business: Warehouses, factories and an IT office have different risk exposures. So, it’s important to have commercial insurance plans that provide appropriate coverage.
  • Operational risks: Operations in a business give rise to contingencies. Labor unrests, breakdowns and other operational risks also need to be covered. A commercial insurance liability will give you protection against these.
  • Employee benefits: Running a business cannot be possible without its employees. It is important to provide adequate insurance cover for your employees against the many odds that may arise during a day-to-day operation.

Types of Commercial Line Insurance

We have a vast range of commercial insurance policies to back your business against all the odds.

The types of commercial insurance policies available are:

Liability Insurance

  • Carrier legal liability
  • Commercial Crime
  • Commercial General Liability
  • Cyber Insurance
  • Directors & Officers Liability
  • Errors & Omissions
  • Product Liability
  • Title Insurance
  • Trade Credit Insurance

Marine Insurance

  • Export & Import Insurance
  • Cargo Insurance
  • Marine Hull Insurance
  • Multimodal Transport Operator
  • Transit Insurance Online

Property Insurance

  • Art Insurance
  • Contractors All Risk Insurance Policy
  • Engineering All Risk
  • Factory & Warehouse Insurance
  • Motor Fleet Insurance
  • Office Insurance
  • Property & Equipment Insurance for Clinics, Labs & Hospitals

Risks covered under Commercial Insurance

  • Protection from litigation costs - If a lawsuit is filed against you, the costs can be prohibitive. Even before the case is decided you could be out of business. Good liability insurances pay defense costs immediately even before the courts pass judgment. In some cases, the insurer will recommend lawyers and even take on the responsibility of defending you.
  • Protection from theft - Cover yourself for the cost of goods and equipment that have been stolen from your factory or warehouse. Also cover the shipments which are being transported by any means of transport, from damage due to theft.
  • Protection from natural disaster - Fires, floods, hurricanes and tornadoes have been the end of many businesses. By taking commercial insurance, you can protect your assets and inventory if they are damaged in a natural disaster. The insurance is highly customizable and can be extended to include terrorism risks. Loss of profit because of these perils can also be covered.
  • Protection from personal injury and health issues – Commercial insurances can protect you and safeguard your finances if any damage is caused to a third party. They also reduce risk of liabilities.
  • Protection from transit risks - Various types of transit insurances under commercial insurance prove to be a good source of minimizing financial losses incurred due to risks involved in transition of goods via commercial vehicles.

Advantage of Commercial Insurance over Individual Insurance

  • Competitive pricing - Commercial Insurance, when structured properly, is available at competitive rates. The best insurer for each risk can be different and you need to think through whether to consolidate insurance purchase or buy the best-in-class for each risk.
  • Better claim settlement - Commercial insurance when structured properly has few restrictions and claim settlement is relatively smooth. The documentation requirements and coverages are well understood and ambiguity is minimal. Any issues or delays can be escalated to us using our mobile app or contact numbers.

Exclusions under Commercial Insurance

Each type of commercial insurance would have its own set of warranties and exclusions. For example, most liability products exclude known issues, prior acts, fraud and contractual guarantees. Similarly, property insurances would exclude gradual losses and willful negligence.

Frequently Asked Questions

Commercial Insurance includes various insurances that protect your business from financial losses. Every business has its own set of risks, which means a commercial insurance policy must be tailored for the business.
All the three types of commercial insurance are popular. Below is the list in the order of their ranking of sales.:
1. Property Insurance: It protects your property from the damage and loss due to fire, storm and other causes.
2. Marine Insurance: It covers the damage to your goods in transit and also protect your ships from damage. The transit can be by any mode of transport.
3. Liability Insurance: It covers third party claims, losses due to negligence, wrongful acts and services that lead to another person’s loss or injury.
As the name suggests for both, personal insurances will cover for property or vehicles owned by an individual for personal use while commercial insurances cover for properties and vehicles that are bought or owned for commercial purposes. The reason for different property or vehicle insurance being, the nature of risk and usage in case of private and commercial goods. For example, a commercial vehicle usually runs longer on roads, has more risk of accidents, transportation materials are different and hence will need a different kind of cover and insurance as compared to a private car bought for personal use.


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Cost-effective Insurance

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Quick Turnaround Time

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Strong Claims Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value-Added Services

We will advice you on risk management best practices.

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