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Commercial Insurance

Commercial Vehicle Insurance is a type of motor insurance policy that provides coverage in case of damages or losses caused by or to a commercial vehicle and its owner-driver. It is a customized motor insurance policy that can include losses and damages in the situation of an accident, natural calamities, collisions, fire, etc.

What is commercial insurance?

Simply put, Commercial Insurance is designed to protect businesses. It covers the business against the loss arising out of damage to the property, injury to the employees or is a term to label core business insurance that also covers public liability or employer’s liability.

Types of Commercial Insurance Policy:

Common commercial insurance types include property, workers’ and liability compensation. The types of policies depend on the business and most insurers will have special packages for businesses that fall under their solutions purview.

Property Insurance

This is one of the most common types of commercial insurance. The policies cover damages to your commercial properties. For instance, a fire damaging your office space will be covered under such policies.

Shopkeeper’s Insurance

This type of policy covers damage to shop buildings and contents, housebreaking, burglary, cash insurance, bicycles, signboards, baggage, personal accident, liability etc. as per policy wordings.

Marine Insurance

These policies deals with coverage for marine cargo risks for industries such as oil and gas, power generation, wind power, paper and pulp, steel mills, infrastructure, machinery upgrades and so on.

Liability Insurance

These policies are aimed at large multi nationals looking to offset business liability risks in diverse locations around the world. The policy will typically cover bodily or personal injury and infrastructure damage, product liability, clinical trials, product recall, workers’ compensation etc.

Engineering Insurance

Engineering and construction covers are offered under such a policy. The policy covers defined engineering risk classes including oil and gas, power, heavy industries, constructions, transportation systems etc.

Energy Insurance

These policies offer flexible covers for challenging onshore and offshore industries and provides comprehensive cover including downstream, midstream and upstream assets and operations.

Employee Benefits Insurance

These policies will ideally provide health insurance cover to employees of organizations such as group mediclaim or group personal accident plans.

International Insurance

These policies provide customized services that address cross border issues of companies while considering the fiscal and regulatory framework of the region where they are operating.

Plate Glass Insurance

The policy will cover damages to plate glass or store windows in the event they are broken.

Aviation Insurance

These policies typically provide cover for all types of aircraft such as small aircrafts or private jets against disappearance, total loss etc. The policy also covers damages to equipment, tools or supplies of the company, apart from dangers arising out of war and other acts of aggressions. Crew members are also covered under such policies.

Bankers Indemnity Insurance

These policies are aimed at banks and cover all branches of a particular bank in the country. The policies offer cover against cash or securities lost on premises, in transit, forgery, dishonesty, hypothecated goods, registered postal losses and appraisers, among others.

Automobile Insurance

These policies cover damages or loss to commercial cars, trucks, vans or other vehicles as well as injuries to property or persons.

Commercial Insurance Providers in India are:

Major insurers offering commercial insurance in India include:

  • New India Assurance (Public)
  • Bharti AXA (Private)
  • Bajaj Allianz (Private)
  • HDFC Ergo (Private)