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!
Similar Articles
Have you ever wondered how your family would cope financially if an unexpected accident were to occur? In a world where accidents can happen at any moment, ensuring your family’s financial security becomes paramount.
Non-fault accidents often come with a host of misconceptions that can muddy the waters when it comes to understanding your rights and responsibilities. In this guide, we'll debunk some of the most common myths surrounding non-fault accidents.
Living down under, surrounded by gorgeous coastlines and plenty of sunshine, can sometimes allow us to focus on the good life and take our health for granted. It is easy to get lost in the hustle of daily life, but unforeseen circumstances can sometimes pull the rug from under our feet.
Even though every one of us wants to experience the thrill of driving fast, the wind going through our hair, seeing an empty stretch of road, and putting the pedal to the metal, there are so many consequences to it
Digital transformation has transformed countless commercial industries. There is not a single industry on the face of the earth that has managed to escape the rapid digitalization around us. It includes the insurance sector as well, which has observed much quicker adoption of advanced technologies.
Term insurance plan has become one of the popular insurance plans, because of the comprehensive coverage and flexibility it provides. Amidst the various insurance plans with higher premiums and rigid policies, term insurance is more straightforward and affordable for most of the population
With customers turning to insurance policies as their first option in offering protection to their families and diversifying their investment portfolio, the insurance industry is also changing with the evolving needs.
You need to select a suitable motor insurance policy. Various policies have various features to offer. Different policies also come with different prices. Therefore, it is so crucial for you to do some research before you buy it.
The majority of people believe that health insurance is required in old age or if someone is suffering from a critical illness. However, it is not valid. The environment in which we live today is not at all conducive to a healthy life.