A Guide to the Different Commercial Insurance Options

If you own a business and have a commercial property, it is important that you understand all of your commercial insurance options. In addition to commercial property insurance, you may need other policies to ensure that you and your business are adequately protected.

Commercial Property Insurance

First and foremost, if you have a commercial property, you need to have commercial property insurance. This will protect your business property and its contents against loss. This can include protection against theft, fire, and other physical destruction. You may also benefit from a loss of income or increased business expenses that result from the property damage.

Liability

Liability insurance provides coverage for businesses against any personal injuries or property damage that is caused by the operations or actions of the business. For example, if you're working in a public area and a member of the public trips on one of your cables, you could be at risk of a lawsuit for injuries and pain and suffering. Even something as minor as this type of incident can result in thousands of dollars of liability, but your insurance policy will cover these costs.

Product Liability

This type of insurance differs from the policies above as it covers you against damages resulting from a fault or injury from your product. So, if your product is faulty or defective in some way and causes injury or damage, you need to have protection for financial liability.

Commercial Vehicle Insurance

If you're using your vehicle for commercial work, or any aspect of your business, you need to have commercial vehicle insurance. While it may be tempting to stick to your regular personal vehicle insurance, there is a chance that a claim may be denied if your insurer determines that you were using your vehicle for work. Most personal vehicle policies stipulate that the vehicle is only used for commuting and leisure activities, so you need to ensure that you have proper coverage.

Cyber Liability

This commercial insurance is designed to cover the property losses and liability resulting from a data breach. Since most businesses collect personal and financial data of customers in online and offline activities, it can be financially devastating to suffer a breach. Cyber liability insurance can be used to offset the financial burden of a cyber attack.

Workers Compensation

Finally, your business may need workers compensation insurance. This is a mandatory insurance if you employ anyone working in your business. This will protect you and your employees against financial hardship resulting from a workplace accident. If one of your team is injured on the job, this can put you of risk of hundreds of thousands of dollars of liability, from lost income and rehabilitation costs to pain and suffering costs. Fortunately, your commercial property insurance brokers can often include liability and workers compensation as a package to ensure that you are adequately protected.

As experienced commercial property insurance brokers, the GSK Insurance brokers team in Perth are ready to answer any of your queries and questions.