The most common types of commercial insurance include; liability, property and workers compensation. In most cases, these policies are used with additional coverage. When it comes to commercial insurance Mississauga business owners need to understand the different types available. Property insurance is meant for coverage of damages to a business. It is used for payment of damages and losses to personal or real property.
The latter would be used to cover losses caused by a fire breakdown in a business office. Property insurance encompasses several other additional coverage. Examples include; debris removal, law, boiler and machinery, business interruption, inland marine, fidelity bonds, crime, builder risk, glass, and tenant insurances. These covers are used for various aspects of losses and damages caused to insured properties.
The boiler and machinery cover is used for payment of damages to boilers, equipment and machinery. Besides covering damages to properties, it also used to cater for business interruption loses. For instance, if there was a huge loss or damage to the computers of an organization, the property cover would be used to handle it. On the other hand, the liability cover is used to cater for losses caused to third parties.
If a person is sued for personal injuries or property damage, the cost of settling the suit would be covered through the liability policy. Generally, a liability policy covers a person from common risks like injuries to the customer on the premise. There are several specialized types of liability insurances. They include insurances on; errors and omission, malpractice, automobiles, as well as directors and officers liability cover.
In case a third party to the business is injured or incurring losses due to an inadvertent failure or mistake, the error and omission policy would be used to cater for the loss. However, the policy does not provide coverage for losses caused through intentional acts or poor judgments. For example, failure to fill out the notarization in the right manner would be settled through the aid of the error and omission policy. A malpractice policy on the other hand is used to handle losses to a third party resulting from misconducts of a professional.
The malpractice policy is commonly used by the accountants, doctors, dentists, and other professionals. Automobile cover on the other hand deals with vehicular properties of the organization. Particularly, it caters for the losses caused by the trailers, cars, vans, and trucks of the organization. In case any of these got damaged or stolen, the cover would be used to repay the business owner. This policy also extends to covering losses and injuries caused to others by the company vehicle.
Just as the name suggests, directors and officers liability policy is meant for the coverage of directors and officers. It is normally purchased by non-profit organizations and corporations. If the directors or officers of a corporation had lawsuit, this insurance policy would be used to cover all the costs.
Workers compensation insurance policy covers losses resulting from the employees on-the-job injuries. Virtually, all nations require that this insurance should be used by any business having employees.Unlike the other forms of commercial insurances, this type works under special laws. It prohibits negligence lawsuits against employers for injuries to the employees.
The latter would be used to cover losses caused by a fire breakdown in a business office. Property insurance encompasses several other additional coverage. Examples include; debris removal, law, boiler and machinery, business interruption, inland marine, fidelity bonds, crime, builder risk, glass, and tenant insurances. These covers are used for various aspects of losses and damages caused to insured properties.
The boiler and machinery cover is used for payment of damages to boilers, equipment and machinery. Besides covering damages to properties, it also used to cater for business interruption loses. For instance, if there was a huge loss or damage to the computers of an organization, the property cover would be used to handle it. On the other hand, the liability cover is used to cater for losses caused to third parties.
If a person is sued for personal injuries or property damage, the cost of settling the suit would be covered through the liability policy. Generally, a liability policy covers a person from common risks like injuries to the customer on the premise. There are several specialized types of liability insurances. They include insurances on; errors and omission, malpractice, automobiles, as well as directors and officers liability cover.
In case a third party to the business is injured or incurring losses due to an inadvertent failure or mistake, the error and omission policy would be used to cater for the loss. However, the policy does not provide coverage for losses caused through intentional acts or poor judgments. For example, failure to fill out the notarization in the right manner would be settled through the aid of the error and omission policy. A malpractice policy on the other hand is used to handle losses to a third party resulting from misconducts of a professional.
The malpractice policy is commonly used by the accountants, doctors, dentists, and other professionals. Automobile cover on the other hand deals with vehicular properties of the organization. Particularly, it caters for the losses caused by the trailers, cars, vans, and trucks of the organization. In case any of these got damaged or stolen, the cover would be used to repay the business owner. This policy also extends to covering losses and injuries caused to others by the company vehicle.
Just as the name suggests, directors and officers liability policy is meant for the coverage of directors and officers. It is normally purchased by non-profit organizations and corporations. If the directors or officers of a corporation had lawsuit, this insurance policy would be used to cover all the costs.
Workers compensation insurance policy covers losses resulting from the employees on-the-job injuries. Virtually, all nations require that this insurance should be used by any business having employees.Unlike the other forms of commercial insurances, this type works under special laws. It prohibits negligence lawsuits against employers for injuries to the employees.
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