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What are Examples of Commercial Insurance

  • integralmedia
  • May 24, 2022

Every business owner wants to protect their employees, assets and earnings in case of an unexpected event, and acquiring quality commercial business insurance is the best way to do that.

Commercial insurance is an umbrella term that describes a range of individual insurance policies, covering everything from property damage, liability claims and other potential financial losses that could occur as a result of your business operations.

When it comes to commercial insurance, it’s important to have the right amount and type of coverage in place to help protect your business from risks – both big and small.

Our expert Insurance Brokers / Risk Advisers at Adroit can help you find the perfect commercial insurance plan, to make sure that your business is prepared to deal with any and all unforeseen claims that may come its way.


Take control of your business’s future and contact Adroit today for tailored insurance advice and solutions.


 

Types of commercial insurance

There are many different types of commercial business insurance available, some of which all businesses are legally required to take out, such as workers’ compensation insurance.

The following are just some of the types of commercial insurance plans available:

  • Workers’ compensation
  • Public and product liability
  • Business interruption
  • Professional indemnity
  • Cyber liability
  • Commercial motor vehicle
  • Commercial building
  • General property

The right policy or combination of policies for your business will depend on a number of factors, including the nature of your work, specific risks your company faces, number of employees, location of your business and more.

To get a better idea of the types of commercial insurance plans that are most appropriate for your business’s needs, let’s look at a few scenarios.

 

Examples of commercial insurance coverage

Example 1:

John owns a small floral shop in Geelong. He and his four employees put together and sell a variety of beautiful bouquets, specialising in wedding arrangements. John’s business offers same-day delivery for most of his products, and he owns a company van designated for this purpose.

The shop located across the street from John’s experienced a break-in last week, and John is now looking for the best way to protect his small business from a similar situation.

After speaking with his insurance broker, John decides to purchase general property insurance and commercial motor vehicle insurance.

General property insurance will help recover the costs of John’s stock, assets and lost income as a result of a break-in or another destructive event, like a fire, storm or flood.

His full comprehensive commercial motor vehicle insurance can also cover John if his delivery van is damaged by thieves or a natural disaster. Plus, it can protect him if one of his employees accidentally causes damage or injury to a third party while on a delivery.

Example 2:

Sally runs a large construction company and specialises in home renovations. She has a team of 11 builders and two designers, and is looking to expand her staff in the next couple of years.

As she works in an industry that is considered ‘high risk’, Sally wants to make sure that she can secure the best possible commercial insurance plan, so that her workers and revenue can be covered in an unexpected emergency.

Sally’s insurance broker recommends that she take out builders’ public liability insurance and general property and tools of trade insurance, as well as review her current workers’ compensation insurance policy, to make sure she’s got the most comprehensive coverage before expanding her team.

With builders’ public liability insurance, Sally can safeguard her business in the event of an injury or death that occurs during the construction project due to negligence or unforeseen circumstances.

General property and tools of trade insurance will help Sally minimise the financial losses associated with her tools or equipment being stolen or damaged during the construction period.

For a growing company operating in a high-risk industry like Sally’s, it’s always important to regularly review your workers’ compensation plan, so that you can be sure your employees are protected and you’re getting the best value for your money.

Example 3:

Isaiah is the owner of a consulting firm that provides IT advice to businesses. Isaiah’s company operates under a hybrid model of work, with his small team of seven employees mainly working from home.

Isaiah and his colleagues deal with sensitive client information on a day-to-day basis, and he wants to protect his company in the event of a potential lawsuit or data breach.

He speaks to his insurance broker and decides to take out professional indemnity insurance and cyber liability insurance.

With professional indemnity insurance, Isaiah’s business can be protected from financial losses if he has to resolve or defend a legal action lodged against him by someone his company has provided advice to.

As his staff may receive and download confidential files while working from home, it’s also important that Isaiah can be covered by cyber liability insurance in case of a potential data leak or hack that results in a client’s information being lost or stolen.


As you can see, there are many commercial insurance options out there. If you need help finding the right plan, contact us today and we’ll assess your business’s insurance needs!


 

Our team at Adroit will find the right commercial insurance for you

At Adroit, we help businesses sift through all the information and find the right commercial insurance plan that works for them.

When you choose us, you’ll not only receive expert advice, but you’ll also gain a partner you can trust to get your business through any unexpected obstacles or tough decisions.

If you’re looking for top-tier commercial insurance advice and solutions, contact our friendly team of experts today and get a personalised quote.

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