Commercial insurance is a policy that a business owner buys to protect their company from future risks. Coverage normally includes business property damage, loss of income due to a business interruption, legal issues, theft, and employee grievances. Commercial insurance helps protect businesses against risks that may threaten their success. Commercial insurance policies can help protect the reputation, well-being, or financial situation of a business, as well as the employees working for the business.
Common Commercial Coverage
There are several types of commercial insurance policies. Here are a few of the more common situations adjusters will face:
Commercial Equipment Breakdown Insurance can be especially helpful for businesses that rely on tools or automobiles to conduct daily business. This coverage can protect mechanical equipment, computers, air conditioners, refrigeration systems, communications systems, electrical equipment, and boilers.
Cyber Liability Insurance is a growing form of commercial insurance that can cover businesses in the event of data breaches and other cybersecurity threats.
Workers’ Compensation Insurance is another common form of commercial insurance, often required by law, especially for businesses in the construction, manufacturing, repairing, or engineering industries. This pays for the injured employee’s medical bills and lost wages.
Business Interruption Insurance is also a smart investment in terms of commercial insurance. This can help protect your business from financial losses if a covered accident or unexpected event occurs and prevents your company from operating.
Commercial businesses have deeper and more complicated insurance matters than personal policies. This is important given the ever-changing risk profile due to new products or business plans. The risk manager’s responsibility can be to identify and plan for all types of risk including property insurance, exposure for third party liability issues, and loss of income, and business interruption coverage.
Why Should Adjusters Learn More About This?
Insurance companies almost always have their most experienced claims adjusters working on commercial claims. The claims can be complex. This could put the business at a disadvantage if they do not have a public adjuster representing their best interest and helping with their recovery decisions. There can be issues such as damage mitigation and business interruption claims. Adjusters need to help the business get back to operating quickly and continue to protect the business.
Commercial insurance carriers and agents have specialty training in the risks and threats that businesses face. The policies are often structured to cater to a company’s specific industry and day-to-day activities. This is different than insurance policies like auto or renters insurance, which tend to have a more one-size-fits-all purchase process.
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