A business unit requires an insurance policy to cover the properties and its stakeholders from damages, loses and injuries. The common commercial policies used for this purpose include; liability, workers compensation and property insurances. With adequate info on commercial insurance Mississauga small businesses can know the risks affecting them A part from the workers compensation policy which does not use additional coverage, other policies do not operate in isolation. Property insurance covers losses to business assets and therefore is used for reimbursement of damaged and lost property.
Business owners use the property policy to cover losses caused to assets such as damages caused by fires. There are other several additional covers used in line with this policy. They include insurances on; business interruption, law, crime, tenant, inland marine, glass, fidelity bonds, machinery and boilers, builders risk, and debris removal cover. The additional covers are used for specific cases of insurance needs.
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.
In case a person is sued for property damage or personal injuries, the liability policy is used to cover the cost of the lawsuit. It provides coverage to a person in cases of common risks like causing injuries to a customer or damaging the business premise. It encompasses a wide range of specialized coverage. They include; malpractice, directors and officers liability cover, error and omission, as well as automobile insurances.
The error and omission policy covers inadvertent failures or mistakes that cause injuries to third parties, and therefore must not be used for the coverage of intentional act or poor judgment.For example, an error and omission policy would cover damages caused by a notary forgetting to fill out notarization in the correct manner. Malpractice cover on the other hand is used for the payment of losses caused by injuries to a third party when the conduct of a professional fails to meet the standard requirements of the profession.
The malpractice form is commonly used in covering doctors, accountants, dentists, and several other professionals. The automobile policy on the other hand is used for reimbursement of losses caused by trucks, vans, trailers, and cars of the organization. It is used to cater for damages and theft of the company vehicles. It can also be used for the injuries and damages caused by the company driver.
The directors and officers of an organization are normally covered by the directors and officers insurance cover. This policy is common to the nonprofit organization and business corporations. For example, it would be used to cater for lawsuit charges against the company officers or directors.
The last type of commercial insurance policy is the workers compensation cover, which caters for injuries to the employees. It is recommended that a business with employees should adopt this policy which operates under special regulations. It mainly prohibits legal tussles for less sensitive issues against the employer.
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