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What does a Commercial Insurance Policy Cover?

  • Adroit Insurance and Risk
  • May 23, 2022

The coverage provided by a Commercial Insurance Policy for your small to medium business will depend on which insurance company you buy it from and what you need to cover. 

If you own a commercial business and use brokers such as our experts at Adroit Insurance & Risk, we work with you to determine your level of risk in your day-to-day operations. 

From there, we tailor a commercial insurance policy to cover your small to medium business. This can be commercial property insurance, business insurance, public liability insurance, business interruption insurance and everything in between. 


Why do I need Commercial Insurance?

Let’s face it, life is risky, and you can’t protect yourself, your small or large commercial business against every potential risk without commercial insurance. There are also compulsory covers such as workers compensation insurance, for instance. 

So it makes sense to protect everything you’ve worked hard to build and achieve by having the right commercial insurance in place. But it’s not enough to buy any  insurance policy, hoping it covers you for all the money and time you’ve invested in your small business. 

That’s where Adroit comes in.

What Can Adroit Do That An Insurance Company Can’t?

If you go straight to an insurance company for your cover, you have to let them know what you want to insure, how much it’s worth. You also have to assess the worth of your insured items and your risk.  

You may end up being sold a policy that doesn’t cover all your risks or covers things you don’t need. You might be swayed by the price and choose something inappropriate for your small business coverage or business owners policy. 

At Adroit, our specialist Risk Advisers attend your workplace and spend as much time as it takes to watch what happens in your daily small business operations. They assess the risk of equipment breakdown, take into account your business income, professional services, and business assets and more. 

We can see where you may be vulnerable to risk, and we find the right type of business insurance and commercial property cover for as many potential accidents or incidents that we can humanly foresee. We work with you to assess the likely cost of damage or losses to your business property due to expected or unexpected events. 

What would a Commercial Policy Cover?

Insurance policies are, in essence, reactive solutions to loss, injury or damage. Commercial policies are no different. 

These policies can cover different scenarios such as workers, plant equipment and commercial property, e.g.  If you own a commercial property, you can opt for a standard commercial or business pack or a tailored insurance solution. 

At Adroit, we can find you the tailored business insurance solutions.  Your commercial property insurance cover can be tailored to your particular commercial business needs ensuring you are paying only for what you need and nothing you don’t.

Compulsory Insurance 

You may be legally obligated to take out compulsory insurance, including the following:

  • If you employ people, you must have workers’ compensation insurance by law.
  • If you own a vehicle or a fleet, you must have third party personal injury insurance (CTP), which is part of your registration.
  • Some commercial and other companies may be required by law to have public liability insurance cover for third party death or injury. 

Types of Commercial Insurance 

Depending on the type of small commercial business you own or run, you may need personal insurance such as income protection, trauma insurance, disability or TPD, life insurance, business interruption, management liability and employee dishonesty cover.  

Accident and liability insurance

Accident Liability insurance protects you if you’re liable for injuries or damages to a person or property. Before you can legally operate in some commercial industries, you must have liability or professional indemnity insurance. 

Management liability insurance

With this cover, you may be protected if a director or manager uses unethical or illegal management practices that cause damage or losses to other businesses or individuals.

Product liability insurance

You may be liable if you repair or service equipment, supply, deliver or sell goods that cause death or injury, damage property, or result in nervous shock, distress or a recognised mental illness. 

Professional indemnity insurance

If the professional advice you provide is accidentally misleading or wrong and leads to mistakes, breaches of contracts, poor legal outcomes, medical malpractice, or improper business auditing, e.g., this insurance may cover you.  Check with Adroit to determine your level of risk and which insurance you should choose. 

Public liability insurance

This insurance may cover your small business for third party death or injury and may help protect you and your commercial business if you’re liable for negligence. Suppose a floor is slippery and a customer is injured in a slip or fall accident, or an activity in your commercial business causes a fire, you may be covered.  

Technology and cybercrime insurance

Almost every commercial business uses computers and technology. And it’s essential to have insurance to cover your electronic equipment from loss, theft and damage, but also cyber-crime. Cyber liability insurance may cover the cost of data security and losses due to business disruption caused by hacking or ransomware attacks. 

Get in touch with us at Adroit Insurance & Risk today on 03 5221 6644 or email mail@adroit.com.au for a business insurance quote and talk about your small business insurance needs and options. 

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