The Three Most Common Types of Insurance Commercial Insurance Brokers Sell

The Three Most Common Types of Insurance Commercial Insurance Brokers SellCommercial insurance brokers are an essential resource for business owners looking to protect their investment, but unsure of how to do so, as they not only help customers find the best insurance policy for their needs, but also understand the process of finding, negotiating, purchasing and underwriting an insurance plan.

Among the many questions commercial insurance brokers are asked to provide clarification for on a daily basis is the query about what types of insurance policies are available to protect businesses and commercial establishments. The answer to this question encompasses a number of different types of commercial insurance, but expert commercial insurance brokers usually direct customers towards one of the three types listed below.

Public Liability Insurance

Public liability insurance covers business owners and commercial establishment managers against the eventuality of a customer or member of the public suffering injury or losses caused by the service or product being provided, and opting to take legal action. In essence, this type of policy is designed to make the financial impact of such an occurrence less significant.

Professional Indemnity

Professional indemnity works in a similar manner to public liability, but refers specifically to financial losses incurred by a customer as the result of work done for them by the business being insured. Like public liability cover, this type of insurance seeks to reduce the financial impact of potential legal action for the business being insured.

Employers’ Liability

Employers’ liability cover is a requirement for any business employing more than one person, and is destined to protect the company against compensation claims from current or former employees. Because of its mandatory status, this tends to be the type of insurance most often sold by commercial insurance brokers.

Despite these being the three most common types of insurance sold to new or existing businesses, however, most commercial insurance brokers tend to have a plethora of more specialised options available, to suit customers for whom the common options are not quite comprehensive enough!

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