Specific Types of Commercial Insurance Brokers Sell

Pixabay

Commercial insurance, like the insurance field as a whole, is complex enough to unsettle layman customers simply looking to protect themselves and their businesses against any eventuality. This is why commercial insurance brokers have risen to such prominence within the field; by putting their skills towards helping customers understand the complexities of their area of expertise, rather than act as simple salesmen, these professionals have established a dual role for themselves, as both insurance providers and tutors or guides within the field.

One of the most important ways in which commercial insurance brokers assist their customers is by making them aware of options and plans that they may not have been aware existed. To the average business owner, ‘commercial insurance’ will likely be a unified entity, standardised and suitable for every case; commercial insurance brokers, on the other hand, know this assessment could not be further from the truth, and that the field is in fact divided into myriad sub-sections, with varying degrees of specialisation. It is, therefore, their job to direct customers toward the most appropriate type of speciality insurance to fit their needs. Some of the most commonly bought types are listed below.

Product Liability Insurance

Product liability insurance aims to protect business owners, particularly manufacturers, against complaints lodged at them by customers as the result of product malfunctions or defects. The main goal of this type of policy is to prevent financial blows to businesses in case of legal action from customers.

Business Buildings Insurance

As the name indicates, this type of insurance protects the outside of commercial buildings, that is to say, the structure itself. Commercial insurance brokers often sell this type of plan in conjunction with the next item on this list, as part of a package deal.

Business Contents Insurance

Business contents insurance has the aim of protecting the contents of a business building. Unlike business buildings insurance, this type of policy protects what’s inside the building, rather than outside. Items protected by this type of plan tend to include furniture, appliances or office equipment.

Business Interruption Insurance

Business interruption insurance is one of the most common types of speciality plans commercial insurance brokers direct their customers towards. The aim of this type of policy is to put measures into place to financially shield a business in case it is forced to cease or interrupt trading, which, in turn, diminishes the blow to the business owner, allowing them to recover from their loss quicker than they would otherwise have.

IT Equipment Cover

In a day and age where most tasks across any field of business are done fully or partially through digital means, it is not hard to see why IT equipment cover is important. Businesses generally buy this type of policy to protect their laptops, tablets, desktop computers and other digital devices from theft or damages.

Stock and Supply Insurance

Commercial insurance brokers are just as aware of the importance of stock to retail businesses as business owners themselves. That is why they often steer said businessmen towards this type of package, designed to protect stock left in premises overnight in case of theft or damage.

Tools and Equipment Insurance

Tools and equipment cover is the first of two types of specialty insurance especially designed for industrial and factory settings, and also often sold as a package deal by certain commercial insurance brokers. This type of plan aims to protect the tools and equipment necessary for a certain trade or business, and provides financial assistance in situations where replacement becomes necessary.

Plant and Machinery Insurance

The ‘sister policy’ to the previous entry, plant and machinery insurance offers cover for the actual factory floor and the machinery in it. This type of policy tends to cover damage, malfunction or accident situations, and, as noted, is often bundled with tools and equipment insurance by commercial insurance brokers.

These are only some of the many types of specialised policies commercial insurance brokers can point their clients towards; however, they already encompass enough cover to fit the insurance needs of most business owners!

Similar Articles

no exam life insurance for seniors over 65

There is various coverage Insurances on the market, there is a different kind of Insurances depending on the age and the coverage premium amount and there are medical examinations which affect the coverage costs highly.

benefits of senior life insurance

In life planning ahead is one of the best strategies that every individual can do and for a person who has played their part in life, it is a good decision to be able to provide comfort to your family even when you are not working.

car insurance for teens

It costs a lot in terms of premiums for every teen who is driving. Though they are the highest premiums payers there are ways one can be able to reduce these costs.

Expatriate Health Insurance

This article is coming up with an interest to educate and enrich an expat or a person who planning to settle down in a foreign country with the necessity of insurance. 

health insurance

If you are planning to travel abroad one of the things that would put you into dilemma is whether to buy worldwide health insurance. While these plans do offer a lot of benefits when you are traveling to different parts of the globe

cover your antique bike

Do you own a classic motorcycle? If so, it is very likely that you have put lots of money, work and time into your bike.

Sunset Summer Motorcycle

The purchase of a motorcycle is always a big deal and significant investment. Just like other large purchases, the total cost is going to add up to a lot more than the actual price of the bike itself

Types of Life Insurance

What is a Life Insurance? Basically speaking, a life insurance policy is a kind of contract that you have with an insurance company

Family Vacation

Life insurance is a financial service that you can buy into that will help to protect your loved ones in the event of your death. Most people will purchase life insurance for solving a basic problem, which is how your family will get along without you after you die.