1. What Does Commercial Insurance Cover?
Majority of small businesses and some big corporations in the current economic conditions are
struggling with tight cash flows. They are cutting back on expenses wherever possible. Unfortunately,
some businesses down-grade their commercial insurance. Many new businesses think that insurance is
something that is luxury and only a few big and thriving companies can afford to purchase it. This kind
of wrong assumptions can damage their business in a significant manner.
Take a Look at Commercial Insurance
Operating a business without an insurance is not a good practice and is like keeping 'a lighted candle in
the wind'. An uninsured business is not protected against thefts, lawsuits, damage from disasters etc.
Any business, which operates without insurance will be at risk of losing money and property in the
event of unfortunate circumstances.
Importance of commercial insurance
Commercial insurance is an insurance for a business and is considered as one of the most important
investments by smart business owners. Commercial insurance can provide valuable protection to a
business from potential loss caused by unforeseen and unfortunate events.
When two planes crashed into World Trade Center (WTC) towers on 11th Sept '01, almost all offices in
the twin towers were destroyed. Many financial firms nearby were badly damaged and much of their
property got destroyed in the attack. Many companies' data servers and computing infrastructure were
destroyed or damaged. However, they did not loose any critical data. Though they lost a huge amount
of physical IT infrastructure in the attack, they recovered quickly. This was possible, as after the 1993
terrorist bombing on the WTC, they were some of the best prepared offices from data recovery point of
view. Similarly, insurance gives protection to businesses from certain kinds of risks.
Moreover, the mortgage payment, college education of the kids, medical expenses etc., all depend on
the survival of your business. So, protecting your business cannot be taken lightly.
Now that you understood how important insurance is to your business, you need to determine different
types of insurance and how much insurance you need for your business.
Types of commercial insurance
Generally speaking, the commercial insurance covers businesses and the most common types are
property, liability and workers' compensation insurance. Property insurance provides coverage to your
business property damages; liability insurance covers damages to third parties or someone else's
property; and workers' compensation insurance covers your employees who get injured at the job.
Here, we will know what these insurance policies cover and how they benefit your business.
Property Insurance
Property insurance covers losses and damages to your business property. There are different types of
policies under property insurance, which you can purchase to cover your business property. Right from
the construction of the commercial property to removing the debris after any accident, commercial
insurance covers your businesses at various levels. Let us take a look at some of the common instances

2. where a commercial insurance can protect your business.
We all know that buildings are prone to different risks. Property insurance is designed to provide
coverage for buildings. Property insurance protects your business from accidental breakdown of
expensive machinery or equipment of your business. It also protects your property in transit and covers
the losses to goods that occur in your premises.
Every company, regardless of its size and business is a potential target for crime. A comprehensive
crime insurance policy is an absolute necessity for business owners concerned of protecting their
company's assets. Crime insurance can provide coverage for employee theft, burglary, forgery,
computer fraud, counterfeiting, investigation costs etc.
Liability Insurance
Liability insurance covers your business from any inadvertent mistakes by you or your employees that
cause injuries to a third party. A general liability insurance policy will cover your business for common
risks, including customer injuries in your business premises.
Malpractice insurance covers the businesses in the event of causing damage or injury to a third party as
a result of negligently performing a professional duty. It is generally taken by doctors, dentists,
accountants, real estate agents, architects etc. Commercial automobile insurance policy covers all the
vehicles used in your business such as cars, vans, trucks and trailers. This policy will reimburse, if your
driver injures a third party.
Workers Compensation Insurance
Whether you employ one person or thousands of them, you will require workers' compensation
insurance. It covers your business from the claims of employees injured during the course of
employment. You can receive immunity from civil lawsuits filed by your employees over workplace
accidents.
Business can be unpredictable and mistakes or unforeseen events are common. Therefore, it is very
important to have some sort of a plan if things go wrong. Remember, commercial insurance is not the
same as personal insurance and it does not mean that you need to spend more on this insurance.
In order to protect your business, you should first carefully do a risk assessment i.e., identify the kind
of events you would like to be protected against. It is always better to evaluate the different commercial
insurance policies and the amount of insurance you need. Then, do a cost-benefit analysis to identify
the insurance policy and insurer that best suits your business.
Keystone Insurance Group is Ireland's premier supplier of public liability insurance and business
insurance solutions to Irish industry. We offer a broad range of builders insurance, construction
insurance, and business liability insurance products. Our public liability insurance Ireland and business
insurance Ireland products offer great value to contractors and general business customers. Our
experienced and professional team quickly arranges quotes for all classes of business insurance.