When you hear the term commercial business insurance, you’re probably wondering what that covers, who qualifies for this type of cover and what sectors fall under which industry.
With so many industries offering their services to customers, it’s imperative that they have the right protection to cover their tools, equipment and any accidents which may occur as a result of their work.
Construction is the first industry which falls under this type of cover. This is where the contractor is manufacturing, amending or repairing a structure – maybe he has employees working for him and them working on a project.
For this you need a comprehensive policy. You need to have peace of mind that all your tools and equipment are covered, the building is covered, you have good employer’s liability cover in case a staff member claims against you for anything,and good public liability cover in case a customer claims against you for an incident.
In this industry every penny counts, its cut throat and you can’t afford to have large expenses as your profit margins aren’t that big. With the right protection you can save your business thousands in the long run.
Manufacturers are the next industry to fall under this type of cover. When you are manufacturing goods you need to know that all your raw materials, finished products and tools are covered in the event of theft, a fire or storm damage. You will also want to ensure that your goods you are delivering are protected.
Imagine you get a large order; it’s going to push you over your monthly target. The driver phones and claims he’s had an accident and all the goods are damaged, this can leave you in financial distress. Having the right cover will make all the difference.
You can also get cover to protect you when you need to recall products. This can be added to the policy, but think about the costs you can save. Recalling products is not a cheap exercise and can leave the business paying out a small fortune. When choosing a policy, ensure that you add everything you think your business may need.
Tradesman is our final example to fall under this type of cover. This industry has a wide range of sectors including:
· Brick layers
As one of these tradesman your tools and equipment is so important to you making a living. If your tools are stolen, the repair costs can be extreme. Having the right protection can enable you to replace the tools quickly and continue working to bring in those important profits.
With all the industries which fall under commercial business insurance, the one thing you need to ensure is included in your policy is public liability. This cover is important in any business and yours is no different, work safely and enjoy peace of mind that your protection is in place should something happen.