Whatever your industry, insurance is essential to protect you from a wide variety of risks. But which type of commercial insurance do you really need, and which can you do without? Here we’ll outline the main types of commercial insurance, what they cover, and which businesses they apply to.
What is commercial insurance?
Commercial insurance is insurance to protect businesses during the course of their work. Some forms of commercial insurance are essential (for example, employer’s liability insurance is a legal requirement for every employer, and professional indemnity insurance may be a condition of industry membership). Others may be a sound business decision to transfer the risk and offer valuable peace of mind.
Types of commercial insurance
There’s a wide range of different types of commercial insurance to choose from. Some of the most popular examples are as follows:
Commercial combined insurance
Commercial combined insurance ticks several boxes in one go. It is designed to provide cover for a range of key commercial risks, including Property, Consequential Loss, Public and Products Liability, Employers Liability and more. Combining your insurance needs into one all-inclusive policy can save you money and ensure that you are covered for all eventualities.
- Suitable for: All businesses
Contractor insurance is advisable for contractors of all types, from groundworkers to roofing contractors. It will cover everything you need as a contractor, including Employers Liability, Public Liability including Products, Contract Works, Tools, Own and Hired In Plant and Professional Indemnity.
- Suitable for: All types of companies involved in the construction industry
Motor trade insurance
Motor trade insurance is designed to cover car dealers, mechanical and bodywork repairers and recovery companies for a range of key motor trade risks, including Property, Consequential Loss, Service Indemnity, Employers Liability and Road
Risks. Unlike a standard vehicle policy, the road risks section will allow you to drive any vehicle owned by or in the custody or control of the business and can also be extended to your customers in respect of courtesy vehicles.
- Suitable for: Companies in the motor trade: car dealerships, garages, vehicle recovery companies and more
Property owner’s insurance
Property owner’s liability insurance protects landlords and landowners, whether you own a single commercial property or manage a large property portfolio. It typically includes buildings insurance, contents insurance, loss of rent cover, property owners liability, employer’s liability and legal expenses.
- Suitable for: All commercial landlords, however big your property portfolio
Professional indemnity insurance
Do you provide professional services, or work in an industry where your negligence could lead to court action against you? If so, professional indemnity insurance is advisable.
- Suitable for: Professionals working in a variety of industries. Find out more about when to consider professional indemnity insurance
Motor fleet insurance
If your business owns a fleet of company cars, vans or other vehicles, motor fleet insurance can be arranged to provide cover for all your vehicles on one policy with one common renewal date and provides cover for any driver who has the permission of the business. This is often subject to an age restriction. Cover is usually arranged on a comprehensive basis but can be reduced to third party only if required.
- Suitable for: All companies with a fleet of company vehicles
Directors and officers liability insurance
Also known as D&O insurance or management liability insurance, directors and officers liability insurance is designed to cover your business if it is alleged that your owners or directors have taken part in wrongful acts. This can also include cover for employment disputes.
- Suitable for: Any Limited businesses with a board of directors or senior management team
Hacking and security breaches are a fact of life that businesses need to be aware of.
Cyber insurance provides cover for your own and third party losses in the event of a cyber attack.
- Suitable for: All companies at risk of data breaches
If you are a manufacturer, a specialist product Recall insurance policy will ensure that you are protected in the event that you need to recall a product if it is discovered that an item you have supplied has caused, or has the potential to cause harm.
- Suitable for: Manufacturing companies in all industries
For businesses operating in tech industries such as data storage, managed services and software development, technology insurance is a specialist type of policy that can cover a range of key risks, including Property, Consequential Loss, Public and Products Liability, Employers Liability, Errors and Omissions, Cyber losses and more. Combining your insurance needs into one all-inclusive policy can save you money and ensure that you are covered for all eventualities
- Suitable for: Technology companies: website design, software development, data security and more
Marine and logistics insurance
Marine and logistics insurance is designed for businesses involved in the movement of goods through the supply chain. It can protect cover for your own or third party goods against loss or damage in transit.
- Suitable for: Business involved in the import and export of goods
Get the right type of commercial insurance to protect your business
Here at Hallsdale Commercial Insurance, we’re experts at finding the right cover, whatever your business or sector. For more information on our commercial insurance products, or to get a tailored solution designed to meet your needs, just contact us at email@example.com