Commercial insurance, though similar to personal insurance, also has distinct differences. For example, while personal insurance covers only you, business insurance covers groups of people, including customers, employees, and other stakeholders. The coverage limits also differ, with commercial insurance having a higher coverage limit than personal insurance. This is typical because businesses carry greater risk. As your business grows, it is best to expect that your coverage limits to grow. Find out more about Commercial Insurance here.
Commercial insurance in the tech industry
“Commercial insurance protects against lawsuits, fires, cyberattacks, and other risks that could devastate your tech company. Learn how it works and when your business might need it.
What is commercial insurance?
A small business takes a lot of time, energy, and money to run successfully. As a business owner, you want to protect that investment and grow your revenue.” Read more here
All businesses need commercial insurance. However, insurers often alter their policies to suit specific industries because the nature of business varies. Today, almost every business uses some form of energy. In Singapore, the tech industry is quite vibrant, and insurers have created policies unique to this sector. Some common policies include errors and omission insurance, general liability insurance, cyber liability insurance, and workers compensation insurance.
In the next article, the writer weighs in on commercial insurance and why all businesses need it, irrespective of size.
Misconceptions about Commercial Insurance
“Just like individuals need health care insurance, home insurance, and car insurance, businesses need insurance coverage as well.
Consider these scenarios:
- What if an employee or customer is injured on your premises?
- What if your products are faulty or cause physical or financial damage?
- What happens if a fire, flood, or earthquake damages or destroys your office location?
That is where business and commercial insurance protects and defends your business.” Read more here
One of the first misconceptions about commercial insurance is it is somehow different from business insurance. The fact is both terms mean the same thing and are often used interchangeably. The second misconception is large companies need commercial insurance while small businesses can get by without the additional financial burden. However, while larger companies carry greater risk and pay more premiums, small businesses also carry some risk. The bottom line is large and small businesses have plenty to lose without commercial insurance.
In the following article, the author discusses commercial insurance policies for all businesses, including additional covers unique to specific businesses.
Importance of targeted commercial insurance policies
“As a property and casualty insurance company with more than 200 years of experience, we’ve helped protect businesses of all sizes. From small businesses to large corporations, our commercial insurance policies can help protect you and your employees from different risks.
Don’t just take our word for it. More than 16,000 people have given The Hartford commercial insurance a 4.8 star rating.* We’re also honored to be one of the most trusted commercial insurance companies. In fact, The Ethisphere Institute has named us a World’s Most Ethical Company® 12 times.**” Read more here
When investing in commercial insurance, you must get policies that make sense to your business. Instead of taking an agent’s word that your business is covered, why not discuss your business, what it does, and the levels of risks to which you are exposed. You can then analyze the policies presented to you and determine if they are sufficient to protect your business or if you need additional cover.
Before turning to insurers for business insurance, you need to understand your business structure and the various risks you need to safeguard against. When you understand your business model, it will be easier for you to appreciate the coverage you need, and more importantly, what you don’t need. This way, you only pay for policies that will benefit your business in the short and long term.