Some of the more popular types of commercial insurance policies that you will encounter as a business owner are ones that protect you against employee liability. However, do keep in mind that there are other policies that are designed for protection against property. Liability insurance tends to cover employees while regular policies tend to cover the company as a whole. In the following sections, we’ll talk more about the various types of commercial insurance policies that are available in Skipton and the surrounding areas.
Machinery Insurance
Common referred to as “Breakdown Coverage”, machinery insurance is designed to protect a company when their equipment breaks down. Not only will this insurance help replace the equipment but it will also help protect them from any money that was lost because of the non-working item. A common example would be the replacement of office computers due to a fire.
Debris Removal Insurance
Should a company end up experiencing a windstorm or flood, this commercial insurance policy would financially protect them from the expenses associated with removing debris. For example, if a tree needs to be moved from the parking lot due to a storm of a company then this will be covered under a debris removal policy. This insurance policy is recommended if a company is located in an area that experiences an above average amount of natural disasters.
Law Insurance
This is a common type of insurance that the majority of business owners will end up investing in. One of the main reasons why is because lawsuits tend to come up all the time, especially between the company and their employees. In this case, it would be a good idea to invest a policy that will help financially cover you from the expensive court costs and fees that you’ll typically experience in these situations.
Liability Insurance
Liability insurance is designed to protect against injuries as well as any damages to a property. For example, if someone sues you because of a personal injury then it would be a good idea to be able to resolve this via your insurance company. This will help you avoid paying much more money later on down the road.
Malpractice Insurance
Finally, we have malpractice commercial insurance. This type of insurance policy is designed protect a company or individual from damages or injuries that may have happened to a third party. More times than note, this is when standard levels of care are performed below par and the third party decides to press charges.
You’ll most commonly see this type of insurance policy in the medical field when doctors are operating their own medical practice. You’ll also tend to see it a lot for other professionals including accountants, dentists, and architects.