Commercial insurance is a comprehensive form of insurance covering liability for business risks. These risks include property damage, bodily injury and liability for advertising. A company's products or services may cause damage or injury to others. In either case, the insured's liability could be determined by the courts. Commercial insurance also covers product liabilities, advertising claims and lawsuits involving products or services.
Commercial insurance helps protect the assets of a business from unexpected expenses and loses. Commercial insurance helps employers reduce their risk of loss by offering many types of coverage. Many types of commercial insurance help protect the assets of business owners by paying lawsuits or providing workers' compensation insurance.
Workers' compensation insurance covers illness and injuries that occur on the job. This includes all illnesses, regardless of whether the injury is the result of the employer's negligence or the action of an employee. Some workers' compensation programs to cover workers who are hurt on the job. This type of insurance covers employers for unexpected missed days off because of illness.
Property damage liability protects business property from damage caused by water, fire, wind and other hazards. It covers property that is physically used by the company. Property damage liability covers damage to a business property caused by a natural disaster such as a tornado, hurricane, snowstorm, explosion or vandalism. Property damage coverage varies greatly between states so it is important to understand the specifics of the commercial policy covers in your state.
Business interruption insurance helps cover business interruption because of unforeseen events or violence. Business interruption occurs when there is a sudden decrease in the productivity or services of a company. This could be due to a natural disaster or a change in the law or regulations that affect a business. Examples of the events or violence covered by commercial property insurance are acts of war, terrorism and riots. Check out this page for more info.
Bodily injury liability protects employees, officers and contractors who are injured while on the job. Examples of workers' compensation that would fall under the bodily injury liability are defective machines, dangerous equipment and professional negligence. Professional indemnity insurance protects against claims made against a business because of negligence or errors made by employees or contractors. Property coverage protects the building and grounds and equipment that are damaged or destroyed on the property. It also covers liability for things such as slander, libel, malicious prosecution and false arrest. This post: https://www.britannica.com/topic/insurance has general information about insurance, take a look.