By Jaclyn Hurley


Generally, commercial insurance deals with compensation of injuries and damages to property. The major types under it are property, workers compensation and liability insurances. They are commonly used with other additional coverage. With the knowledge on the forms of commercial insurance Mississauga dwellers can always protect themselves from risks. Property insurance, for instance, covers huge losses to businesses. It is therefore used for the reimbursement of damages to real or personal property.

The property type can be used to cover fire damage to a business office. It also has coverage for several business properties. These include insurances on; boilers, machinery, debris removal, builders risks, glasses, inland marine, business interruption, law, tenants, crime, and fidelity bonds. All these insurances deal with different aspects of damages and losses that may affect the business or property of an individual.

The boiler and machinery insurance provides coverage for the breakdown of machinery, boilers and equipment. This type of cover is used for reimbursement of property damage and business interruption losses. For example, it would be used in case of fire damage to computers of the organization. Liability cover, on the other hand, covers damages to third parties.

A liability policy would be used to cover lawsuit costs in case a person is sued for personal injuries or property damage. Generally, it caters for the common risks such as damaging business property of even causing an injury to a customer. Its cover encompasses a set of specialized policies. These include; automobile, error and omission, directors and officers, and malpractice liability insurances.

The error and omission policy covers inadvertent failures or mistakes that cause injuries to third parties, and therefore must not be used for the coverage of intentional act or poor judgment.For example, an error and omission policy would cover damages caused by a notary forgetting to fill out notarization in the correct manner. Malpractice cover on the other hand is used for the payment of losses caused by injuries to a third party when the conduct of a professional fails to meet the standard requirements of the profession.

The malpractice policy is commonly used by the accountants, doctors, dentists, and other professionals. Automobile cover on the other hand deals with vehicular properties of the organization. Particularly, it caters for the losses caused by the trailers, cars, vans, and trucks of the organization. In case any of these got damaged or stolen, the cover would be used to repay the business owner. This policy also extends to covering losses and injuries caused to others by the company vehicle.

Directors and officers liability policy is a special coverage for the directors and officers in an organization. It is commonly used by large corporations and non-profit organizations. For example, if an officer or director in an organization is charged with a lawsuit, this policy can cover all the charges.

In a business set up, workers compensation insurance policy enhances the payment of the on-the-job injuries to the employees. It is required by various statutory laws that a business with employees should have this policy. Usually, the cover operates under certain regulations. It prohibits employees from bringing lawsuits against employees for injuries related to their works.




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