Those with individual businesses are bewildered by the different types of commercial building insurance policies they need. Some of these types of insurance covers are stipulated in the law, whereas others are a requirement of other professional associations and bodies. It is necessary to mention that insurance is not mandatory, but, rather advisable.
The different types
The wide variety of commercial insurance available today means that gaining expert advice is worth it. Some of the common types are mentioned below although the list is extensive.
Usually, employer’s liability insurance is a prerequisite, except in restricted circumstances. The law requires a minimum cover of 5 million. This insurance offers protection against claims from the employees when on official duty. These are inclusive of impairment, accidents, harassment and unfair dismissal among others.
Public liability insurance covers are claims that are brought forward by third parties or members of the public. For instant, one may need to pay hospital expenses in case of an accident at the building.
Professional indemnity insurance is designed for those who provide expert advice as part of their work. One is covered for claims that may arise in case information is considered insufficient. This insurance is common among lawyers and accidents. However, it falls under commercial insurance that is relevant to other professions.
There are different commercial insurance covers available in the market today. Purchasing them apart can be costly. It is possible to arrange for a combined commercial property insurance cover from your provider.