Commercial ‘lines’ insurance helps keep the economy running by protecting businesses from potentially catastrophic financial losses caused by accidents, lawsuits, natural disasters, and other unexpected, adverse events which a business couldn’t afford to cover on its own. It allows businesses to operate when it might otherwise be too risky to do so. While similarities may exist across different commercial insurance policies, each policy will be tailored for the type of business being covered and the insured buyer’s particular needs or the industry specific hazards it faces.
What insurers would want to know about Commercial Insurance applications:
To assess and price a business’s risk, an insurer will typically want to know about:
Company type
Place of legal incorporation / domicile.
Number of employees
All it’s locations
Where it operates
All business activities and services
Annual Payroll and Headcount.
Annual revenues by business segment or product or territory.
Years in successful operation
Management Experience & Reputation
Company Structure
Particular risk exposures and whether those exposures are likely to result in frequent or severe losses or both.
The legal and regulatory environment the business operates in.
What businesses is Commercial Insurance for?
Commercial insurance is available to businesses of various sizes and types across different industries. It is designed to provide financial protection and risk management solutions for businesses, helping to mitigate potential losses due to unforeseen events.
Commercial Insurance is not just available to businesses but organization’s & enterprises of any kind, such as:
Charities and Non Profit Activities
Governments and Executive Functions e.g. police, fire fighters, military.
Educational Institutions e.g. schools, universities, research institutes.
The availability and specific terms of commercial insurance can vary based on factors such as the industry, location, and size of the business. It’s essential for businesses to work with insurance professionals to assess their unique risks and tailor a commercial insurance package that aligns with their specific needs.
Coverage for claims resulting from allegations of wrong site surgery, misdiagnosis, surgical errors, medication errors, childbirth-related injuries and other claims of wrongdoing.
Covers loss of or damage to insured goods that are being transported from a start point to a destination where the goods are delivered to a recipient according to the Incoterms.
Cover the legal liability of an insured as a warehouseman or bailee with respect to physical loss or damage to property of customers of the assured at specified locations subject to designated limits.
Cover 'All risks' of loss or damage to the permanent and temporary works comprising the contract, including the materials, and all things used for, or intended for, incorporation within the contract.
Protection against loss or damage in respect of contract works, construction plant and equipment and/ or construction machinery, as well as third party claims in respect of property damage or bodily injury.
Cover 'All risks' of loss or damage to the permanent and temporary works comprising the contract, including the materials, and all things used for, or intended for, incorporation within the contract.
Protection against losses that are caused by its employees' fraudulent or dishonest actions. This form of insurance can protect against monetary or physical losses.
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Insurance policies to cover all aspects of life, health, business. Individually developed around the needs of each client, business entity, industry and environment. Working on your behalf to deliver best in class insurance cover from the leading insurance providers.
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