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Commercial insurance: why is it so important for companies?

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Starting and running a business depends to a large extent on a solid financial plan. So that this does not falter, entrepreneurs should protect themselves against risks that could endanger the existence of the company. Commercial insurance not only pays for damage to company property due to a fire in the company. Protection is much more important if third parties are harmed in the course of professional activity.

What is commercial insurance?

Commercial insurance represents an essential safety net for the self-employed, entrepreneurs and company owners. Regardless of whether they are the owner of a small business, restaurateur, hairdresser or freelance professions such as doctor or lawyer – commercial risks can lead to employees having to give up their profession in the worst case without the right insurance and, moreover, go into high debt with their private assets.

This is exactly what commercial insurance protects against. It is often referred to as company insurance and represents a bundle of different insurance policies such as insurance for candle makers and other small & large scale businesses.

. Interested parties can put them together depending on their activity and adapt them precisely to their insurance needs, based on the modular principle. Important questions are

•             In which industry insured persons are active,

•             Whether they employ staff and

•             Whether they own expensive machines.

Depending on the scope of insurance, the company’s property is insured against damage caused by fire, tap water, burglary, storms and hail. The insurance also pays out if third parties are harmed by the insured person or his employees in the course of their professional activities. The insured damage includes personal injury, property damage and financial loss.

What types of commercial insurance are there?

Depending on the industry and company, transport insurance, water damage liability insurance or other special types of insurance can also be useful.

•             Professional Liability Insurance

•             Public liability insurance

•             Property damage liability insurance

•             Content insurance

•             Company legal protection insurance

Which professional group needs which insurance?

Since the requirements of every company are different, there is no off-the-peg coverage with commercial insurance. One company should insure against some commercial risks while the other can do without them. Interested parties can find out what dangers threaten the financial existence of their own company and what specific protection is therefore necessary with the help of an expert in the field of commercial insurance.

Costs and test winners in commercial insurance

The cost of commercial insurance depends on many factors, such as the scope of insurance and the desired coverage. Therefore, it is not possible to name a price range for company insurance.

Test institutes also fail due to the complexity of corporate insurance, so that there are no current test winners. This makes it all the more important for those interested in choosing the right protection for their company to be supported by a specialist. He is familiar with the market and knows from experience which insurance company has a balanced price-performance package.

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