Property, liability, and workers' compensation are the most well-known types of commercial insurance. There are also specialized types of commercial insurance.
Property insurance has come to take on many specialized forms of insurance policies. Boiler and Machinery Insurance, Debris Removal Insurance, Builder's Risk Insurance, Glass Insurance, and Inland Marine Insurance are among the most specialized types of property commercial insurance.
But, parsed even more, there may be a need for Ordinance/Law Insurance, covering the costs associated with having to demolish and rebuild to code when a building that you own has been partially destroyed--typically half or more destroyed. This would covers just the replacement value, not any necessary or voluntary upgrade.
Tenant insurance is often required on leases. If you make rental space improvements or if the landlord's employees damage your space while you're there, you may need to use this kind of commercial insurance.
Crime insurance covers financial losses from theft, etc due to employees or outsiders.
"Bonding" policies are used to protect employers from crimes against their businesses done by employees in particular.
Liability insurance covers you against injuries that you cause or allegedly cause to third parties. Thus, if you get sued for harming someone else or for damaging their property (such as a business customer of yours), your liability insurance covers you for common risks.
There are also more specialized types of commercial insurance. Errors and omissions (E & O) insurance covers the costs associated with inadvertent mistakes or failures that cause harm to a third party. This has to be more than bad judgment and it cannot be intentional acts--in short, E&O insurance covers against mistakes that are made due to incompetency.
Malpractice insurance is routinely carried by doctors, dentists, accountants, real estate agents, and architects. This provides funds to pay for losses that result from injuries to third parties due to a professional's conduct falling below the profession's recognized standard of care.
Directors' and Officers' liability insurance covers the costs of lawsuits against the directors and officers of a corporation or nonprofit organization.
And the familiar auto insurance is also considered a type of commercial insurance.
Then there is the workers' compensation insurance. This is a state law in a majority of circumstances requiring a business with employees to carry some kind of workers' compensation coverage. This commercial insurance covers the employer for an employee's on the job injuries and usually prevents an employee from bringing an E&O suit against the employer.
It's probably easy to see that in today's highly litigious climate, having commercial insurance is or should be a high priority for any professional. If you are concerned about getting commercial property insurance, just fill out the form to find the affordable rates that you need.
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