In contrast to providing assistance to an individual, commercial insurance deals with the well-being of assets critical to the business. Thus, they can belong to any of the following types.

• Commercial general liability insurance: This is the insurance that covers general risks from business operations. It includes reparations for bodily harm, property damage, and medical treatments for all employees who sign up for it. A few partners even offer third-party cover with commercial general liability insurance.
• Property insurance: The insurance that you subscribe to the property for your business. In addition to the location, it also applies to on-site inventory, such as desks, computers, chairs, etc.
• Business interruption insurance: The insurance that lets your business survive through natural disasters and pandemics, ensuring that it fulfills its obligations even as most of the assets are disabled. It covers the property rent, employees’ wages, revenue, taxes, and loan repayments.

Cyber liability insurance: It is the insurance that protects the personally identifiable or confidential data pertaining to your business. You can also avail of it if you face damages due to a cyber attack.

Yes. The corporate laws in the UK make it mandatory to cover all employees with life insurance when they sign up for commercial insurance. It comes under the general liability part of the plan. In case any employee receives an injury during office hours, it’s the workplace’s responsibility to ensure that appropriate financial and medical aid is provided to them and their immediate family members.

Yes. The Financial Conduct Authority mandates that every employer registered within the UK must have an insurance plan for all its employees. It should provide a cover for at least £5 million from an authorised insurer. A company that’s found to default on such responsibilities can attract a fine of £2,500 accumulating daily.