Commercial Insurances: What Do Different Corporate Packages Include?

Commercial Insurances

February 22, 2021

Generally designed to provide coverage for businesses, commercial insurance protects the company, its employees, and the ownership. Having this type of insurance also demonstrates the organization’s accountability in assuming responsibility with business liabilities. 

Commercial insurance packages can come in many forms and vary from one business to another. Depending on the company’s unique needs, special coverages are also available. To learn more about commercial insurance packages, let us discuss the three common types of commercial insurance plans and what they include. 

Workers’ Compensation Insurance

Apart from group life insurance, this type of commercial insurance is necessary, especially for a business whose workers are exposed to hazardous working environments. Workers’ compensation insurance is crucial to protect employees and their families or dependents in any event of mishappenings such as accidents that result in permanent injury or untimely death while performing their duties.  

Employers must ensure that their workers receive the quality medical care they deserve and at the same time protect the company from any lawsuit that may arise. The benefits covered under this insurance may vary depending on the governing laws where the company is operating. In general, workers’ compensation insurance includes:

  • Medical coverage.
  • Partial replacement of income due to disability.
  • Rehabilitation expenses.
  • Benefits to the family in case of death.

Property Insurance

Commonly known as commercial property insurance, it protects your company’s property and the assets within it. It also secures your bottom line in the event of perils such as theft, fire, and natural disaster. Property insurance does not only safeguard your company against physical damage, but it also covers public liability. Before considering your property insurance, several factors should be considered, including:

  • The location of the property.
  • Its construction.
  • The number of occupancies.
  • Size of business premises. 
  • Its contents/ inventory.

Auto Insurance 

For a company managing a large fleet of vehicles, auto insurance is a must. Commercial auto insurance covers the physical damage and liability that are not generally included in personal auto insurance. It is an essential component of a company’s comprehensive insurance strategy. As business insurance, the policy applies to commercial vehicles such as trucks, automobiles used for business and employee transportation.

Having commercial auto insurance also secures your assets in the event of accidents. It ensures that the products or people that it carries are protected and not just the vehicle itself. Overall, this type of insurance provides owners peace of mind during unprecedented events that otherwise involve a huge sum of money.   Basic coverage will often include: 

  • Liability coverage.
  • Collision coverage.
  • Roadside assistance.
  • Zero depreciation cover.

Ultimately, underinsured companies expose their businesses to risks, which is why owners must evaluate their actual insurance needs to secure their businesses. For all your commercial insurance needs, our experts at EmiratesHR are more than happy to assist you. Specialized coverages are also available for any of your needs, such as:

  • Professional indemnity.
  • Fire Allied Perils.
  • General Third Party Liability
  • Public And Product Liability.

Get in touch with us today and learn more about our wide range of packages, including employee insurance to ensure you are covered for all your business needs.