The world’s biggest companies seem to forever be in the courts, battling against liability claims, data breaches, privacy issues, and more. They spend millions of dollars on these cases every year and they are forever at the mercy of lawyers working on behalf of customers, competitors, or regulatory bodies.
The idea that expensive lawsuits are an ever-looming threat can be a frightening prospect for startups and small companies, and what’s even more ominous is the fact that no company, regardless of size or reach, is impervious to such claims. That’s why commercial insurance exists. The goal of this insurance is to provide the sort of cover that standard insurance can’t. It works just like personal insurance, only the goal is to protect the interests of companies, and as outlined below there are many ways that it can do this.
What is Commercial Insurance
Commercial insurance comes in many forms and covers many things. Some of these are actually required by law, but the requirements, in addition to the types of insurance available, will depend on the company, its size, and whether it hires employees or not.
Whether the company is public or private will also dictate what type of insurance is needed. Directors and officers liability insurance is a great example of this. Also known as D&O insurance, it can be purchased by both private and public companies, but it is typically more important for publicly listed companies as it covers them in the event that a lawsuit is filed by shareholders.
Commercial insurance can also cover some of the same things as personal insurance. Property cover is a prime example of this. As with home property cover, this type of insurance provides cover in the event that the business premises is destroyed completely, whether that destruction be the result of a fire, flood, high winds, or some other disaster.
What Does Commercial Insurance Cover
The goal of commercial insurance is to comprehensively cover a business against a host of eventualities. There are many ways that this cover can be provided:
• Property Damage: This will cover damage to the business premises. The extent of the cover can be discussed in advance and can include natural disasters, fires, and even acts of vandalism and terrorism.
• Bodily Harm: This is an expansive type of liability insurance that aims to provide cover when an employee or customer has an accident and then files a lawsuit against the company. Insurance can also cover them if they sell a product or a service that causes harm, although in many cases they may be required to purchase additional product liability insurance.
• Employee Coverage: This can cover times when employees make costly mistakes, when they make a claim against the company, or when they go on prolonged leave.
• Stock Insurance: Cover can be provided for stock while it is in storage or transit from wholesalers.
Who Needs Commercial Insurance
Any business, regardless of size, can benefit from commercial insurance. Companies are expected, and in some cases required, to protect themselves, their customers, and their employees. There are many different types of insurance that can provide this cover, and all of this can be tailored according to the needs of the company purchasing it.
Commercial insurance, like all types of insurance, is there to guard against the worst case scenario. It’s not about taking a risk, as insurance is often mislabelled, it’s about being prepared in the event that someone or something does harm to your business. If you are not prepared then that harm could be enough to destroy your business.
Commercial Insurance with KASE
We offer a wealth of different insurance types here at KASE Insurance and we can tailor all of our policies to meet the specific needs of your company. This is true whether you are a self-employed doctor, dentist, or lawyer, or you own and run a multinational business.
Our commercial insurance plans can cover businesses in all sectors and we also offer tailored policies to cater specifically for directors, CEOs, and other business leaders, because the people in control of daily operations are often just as exposed as the ones with a controlling share.
If you would like to discuss your policy further, get in touch with one of our experts today. If you would like to learn more about a specific type of insurance and the policy options that it provides, you can find a wealth of information on our website.
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
I had a really hard time finding home insurance for short term rentals until I found Kase Insurance! They were really helpful in finding me an affordable home insurance for my Airbnb unit!
The KASE team helped us in arranging the best possible insurance policy for our business. We were very impressed by their overall knowledge and effort in getting us the right the policy. Highly recommended!