Commercial insurance brokers are among the most important figures in the modern-day insurance business. By leading clients through what is a complex and often unfathomable field, and giving tips, suggestions and advice on which type of insurance to buy or where to find the best deals, these professionals carve a niche for themselves as not only expert salesmen, but essentially educators in the field of commercial insurance.
Among the many things commercial insurance brokers can and will teach their customers when first leading them through the process of buying commercial insurance are the different types of specialised policies they can buy. The term ‘commercial insurance’ encompasses not only a wider definition, but also a number of narrower and more specialised types of insurance tailored for certain situations. The current series of articles will seek to introduce readers to some of these, and explain when they might be useful.
Product Liability Insurance
Product liability insurance is designed to protect policyholders against complaints resulting from product malfunction. Commercial insurance brokers usually recommend this type of policy to manufacturers, so as to protect them against legal action from customers.
Business Buildings Insurance
This is one of the most common types of insurance sold by commercial insurance brokers and, as the name indicates, is specially designed to protect commercial buildings. This type of insurance is often bought by factory or manufacturing plant owners, but also customers who own commercial surfaces or office buildings.
Business Contents Insurance
Like with business buildings insurance, the aim of business contents insurance is quite clear and straightforward; namely, to protect the innards of a commercial or office building. This type of insurance serves as a complement to the previous type, and most commercial insurance brokers tend to sell the two together as a package.
These are only three of the many types of specialised commercial insurance brokers in the field will sell to customers who might benefit from them. Part 2 of this article will introduce three more.