Specific Types of Commercial Insurance Brokers Sell
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!
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