A commercial insurance plan is usually a combination of various policies too cover a company’s liability, property, and income. Some of the most common policies that make up a commercial insurance plan are general liability, property, auto liability, inland marine, professional liability, and employment practices liability insurance.
General liability insurance covers against claims made against a company by a third party, who has suffered losses due to the operation of the company’s business. Losses to property, bodily injury, advertising injury, personal injury resulting from libel or slander, and even contractual and liquor liability can be covered. Most importantly commercial liability covers company’s defense costs against questionable claims. Commercial liability coverage extends to the company employees and company owned property.
General liability insurance does not cover every type of liability risk. Additional liability coverage is required for risks involving company autos owned and non-owned, E&O liability and professional liability for companies whom offer advice or recommendations, Employment practices liability for claims made by former employees, current employees, and even candidates for employment.
Property coverage generally consists of specified property including buildings, equipment, personal property of employees, machinery, and signs. Property coverage covers against losses to property caused by perils such as natural disasters, fire, and theft. There are three types of property coverage. Basic form, broad from, and special form. Basic form provides coverage for specifically stated perils like fire, wind, and theft. Broad form covers the basic form perils, but includes perils like ice, snow, and water damage. Special form covers all perils unless they are excluded in the policy specifically.
Inland marine policies protects companies from loss to property while in transit. Inland marine also covers mobile items of value like tools. Where property insurance provides coverage on premises, inland marine extends that coverage to property off premise.
Commercial umbrella insurance can be purchased in addition to general liability. The umbrella coverage provides excess coverage in case your general liability policy limits become exhausted. Umbrella insurance will extend liability coverage on general liability as well as other liability policies like commercial auto liability, professional liability, and employment liability.
Finally there is an insurance policy called a BOP or business owners policy.
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