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What are the Common Types of Commercial Insurance?

  • Adroit Insurance and Risk
  • May 24, 2022

The best way to protect your business from the uncertainties and challenges of today’s market is to obtain quality commercial insurance. From worker injury to fire, floods or theft, the right insurance plan can help your company get through it all.

With so many options and commercial insurance plans out there, it can be difficult to know where to start when it comes to finding the right policy for your business.

That’s where our team of specialist Insurance Brokers / Risk Advisers come in.

Not only are we among the most knowledgeable and experienced advisers in Australia, but we’re also dedicated to supporting businesses to deal with unforeseen challenges. We’ll assess your business’s individual needs and find the most suitable and cost-effective commercial insurance for you. 

If you’re looking to purchase or upgrade your commercial insurance plan, our advisers can help! Contact us today and get tailored advice for your business.


Types of commercial insurance

There are many types of commercial insurance available to businesses, and the type of policy you choose will depend on the nature of your business and the risks involved.

Here are some of the most common types of commercial insurance policies.

  • Commercial building insurance
  • General property insurance
  • Public liability insurance
  • Workers’ compensation insurance
  • Business interruption insurance
  • Commercial motor vehicle insurance
  • Cyber liability insurance

Commercial building insurance

This type of policy covers the physical structure of your business premises, as well as any fixtures and fittings, in the event of damage or destruction by fire, storm, floods, break-ins or related issues.

This insurance is suitable for a range of property types, including factories, warehouses, offices, buildings and shops.

No matter the scale of damage, commercial building insurance can help your business get on with its day-to-day operations and recover any lost incomes or expenses.

General property insurance

Unlike commercial building insurance, general property insurance provides protection for your business’s assets, such as equipment, furniture, stock or computers, as a result of damage or theft.

Public liability insurance

Public liability insurance can safeguard your business if you are sued for negligence or wrongful actions arising from your commercial activities.

This includes activities that result in the loss of or damage to a third party’s belongings, and injury or harm incurred by a third party while on your premises.

Workers’ compensation insurance

If you employ staff, you are required by law in Australia to take out some form of workers’ compensation insurance. This common type of policy provides financial protection to employees who are injured or become ill as a result of their job.

Business interruption insurance

Business interruption insurance helps recover your financial losses in the event that your company experiences a significant disruption which causes a temporary closure of your business operations.

Commercial motor vehicle insurance

If you use vehicles for commercial purposes, you may need to take out motor vehicle insurance.

Depending on the type of coverage you choose, this insurance can cover the cost of repairs or replacement if your vehicle is damaged or stolen, and also look after your business in the case of third party property damage or injuries.

Cyber liability insurance

This common type of insurance can protect your business against financial losses arising from cybercrime, such as data breaches, hacking and cyber fraud.

If you have any questions about these common types of commercial insurance, Adroit’s friendly team of brokers and advisers can help!

We’ll talk you through each policy and assist you in finding the perfect one for you, so that you’re best prepared for whatever twists and turns come your business’s way.


How to choose the right commercial insurance plan

The type of commercial business insurance plan you choose, as well as the terms of your coverage, will depend on a number of factors, including:

  • The type of business you run
  • The size of your business
  • The location of your business
  • The potential risks associated with your business
  • Your budget for insurance coverage

The right balance of commercial insurance policies will differ for every business.

For example, if you’re a retail business that operates out of a small warehouse and employs staff to complete weekly deliveries, you’ll probably want your coverage to include both commercial building and motor vehicle insurance.

On the other hand, if your workforce mainly works from home, you’ll most likely want to secure some form of standard workers’ compensation and cyber liability insurance.

If you’re unsure about what type of commercial insurance is most appropriate for your business’s needs, simply give us a call and we’ll be able to assess your situation.


Trust Adroit to find the perfect coverage for your business

By choosing Adroit, you’ll not only gain quality insurance advice, but someone you can rely on to help you deal with unexpected claims.

We’re committed to providing our clients with the best advice and customer service possible, meaning we’ll address your situation in a timely manner, ensuring that you’re never alone when facing difficult or unforeseen business decisions.

Get in touch with us today for a personalised quote or speak to one of our brokers and find out more about our commercial business insurance policies.

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