Commercial insurance is a type of insurance that helps provide protection to businesses against losses, damage, and destruction. It includes protection provided to employees of the business such as the workmen’s compensation act and personal liability insurance. There are various types of commercial insurance for different types of businesses and companies so depending on what type of business you have or run you can choose a suitable insurance policy accordingly.
Let’s take a look at some of the popular types of commercial insurance available –
- Engineering insurance – engineering insurance provides complete protection to buildings that are undergoing construction and covers all risks related to contractors and erection. It indemnifies or compensates any losses incurred by a building or engineering project while a building is being erected. It covers all kinds of risks associated with the construction of a building and any kind of erection work for a certain period of time on the payment of periodical premiums that the building developers, contractors or engineers will pay to the particular insurance company. It covers any damage or loss to the property as well as third party liability for property damage or injury to the body caused accidentally during the erection or construction of a building. It will not, however, cover the risk of loss or damage caused due to events that are not mentioned as per the terms of the engineering insurance contract.
- Property insurance – it is basically the insurance provided to a building or property once it is fully constructed and operating. It covers any risk of damage caused to the building, including renovation costs, the cost of furniture and fittings, stocks, plant and machinery and other components and properties of the building that are liable to loss or damage. The loss or damage should arise from either natural causes like fire, lighting or impact damage such as water, explosion damage. It includes loss caused by maliciousness, strikes, riots and earthquakes. You can add more risks to be covered in your insurance policy. Property insurance is of four kinds – money insurance, plate glass insurance, burglary insurance, and business interruption insurance.
Advantages of having commercial insurance:
It covers all kinds of natural and manmade risks associated with any kind of property or commercial business. It covers a wide range of properties including the employees working in the particular business or organization.
It also includes the liability of directors and officers working in a large business organization or multinational company in addition to their personal life insurance policies. Foreign worker medical insurance is also covered by commercial insurance.
Allegiance is an insurance company in Singapore that provides all kinds of commercial insurance including professional indemnity insurance in Singapore.