Types Of Commercial Insurance Plans In India

Commercial insurance is intended to safeguard businesses. It protects the company against losses resulting from property damage and employee injury or is a term used to describe core business insurance that includes public or employer liability.

Commercial vehicle insurance renewal requires additional clarity on this topic, please read the details below to identify the same.

Commercial insurance types –

Commercial insurance or commercial vehicle insurance is classified into the following categories:

  • Insurance against liability:

Liability insurance protects the company in case of a third-party injury or property damage claim. It pays for the legal fees for which the company or insured is held liable.

  • Office and director liability insurance:

This liability insurance is intended for company directors and officers and covers the personal liability of directors and officers arising from wrongful acts committed during their professional tenure.

  • Shopkeeper insurance:

This policy covers all the risks and damages faced by small to medium-sized (SME) shop owners. It protects shop owners from potential risks such as natural disasters, theft, or burglary.

  • Insurance against fire:

It is a type of insurance that covers damage or losses caused by a fire. A fire insurance policy allows the insured to claim the costs of repairing or rebuilding the damaged property.

  • Insurance against burglary:

This policy covers loss or damage to insured property caused by burglary and housebreaking and damage caused by a burglary attempt.

  • Policy on office packages:

It is a comprehensive insurance package designed to protect a company’s assets. Under a single policy, this comprehensive insurance covers fire, burglary, machinery breakdown, and other risks.

  • Marine insurance:

Marine insurance is a type of insurance provided to marine industries in which the insurer covers losses caused by maritime perils or casualties in the sea, such as fire, war, pirates, and so on.

A contract of indemnity is referred to as marine insurance. It ensures that goods shipped from the country of origin to the land of destination are insured.

  • All risk insurance for construction:

This policy provides extensive coverage for loss during construction, contract work, construction machinery, etc. This policy is explicitly tailored for architects, financiers, and construction engineers and covers any ongoing projects’ destruction.

  • All risk erection insurance:

This policy provides comprehensive coverage for loss or damage to machinery or equipment installations. It safeguards the contractor or employer against physical loss or damage to contract work, construction equipment, or machinery.

  • Insurance for plants and machinery:

The policy primarily protects the contractor’s construction machinery, such as excavators, cranes, and compressors. While machinery is an essential component of a construction site, damage or breakdown cannot be tolerated.

  • Compensation for employees:

This policy protects the employer if a statutory liability arises from the demise or injury of employees while on the job. The policy primarily covers bodily injury, demise or temporary disability, permanent total disability, legal expenses incurred with the company’s permission, and so on.

  • Commercial insurance:

Business insurance is required to protect a company against financial loss caused by property damage, fire, natural disasters, theft, or legal liabilities.

  • Insurance for general liability:

General liability insurance covers liability claims resulting from bodily injury or property damage to a third party on the business premises.

  • Insurance for public liability:

Public Liability insurance, like general insurance, covers liability expenses arising from third-party bodily injury and property damage on the premises.

  • General liability insurance that covers everything:

The policy covers all expenses incurred by the insured or the employer in paying for damages resulting from accidental demise, bodily injury, disability to a third party, or third-party property damage.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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