Business & Commercial Insurance Solutions to Meet Your Needs
Unexpected losses due to fire, lawsuits, and accidents can destroy years of hard-earned effort and financial investment. That’s why insurance is an important component for any successful business or commercial property portfolio.
At Habitat Insurance Agencies, we assist our clients in getting the right insurance for their needs. We can insure a broad spectrum of risks, from home-based offices to multi-million dollar businesses. We understand that each client has specific insurance requirements — our brokers use their expertise to help ensure that those requirements.
We offer insurance packages for all types of business classes, including:
- Residential stratas & apartment blocks
- Commercial buildings
- Retail outlets
- IT companies
- Contractors / Construction
- Errors & Omissions / Professional liability
- Directors and Officers liability
- Special events
- Special risks
- And more!
Types of Business Insurance Policies
Because each business is unique, we design insurance packages that meet your needs and a level of protection that you’re comfortable with. The first step is to determine which types of insurance your business requires. “Business insurance” is a broad description of different types of insurance coverages:
Property and contents insurance
Property and contents insurance insures against loss or damage to the location of the business and its contents. It can also insure the property of others in your control when the loss occurs. The insured location can be owned, leased or rented.
Business interruption insurance
Business interruption insurance insures against loss or damage to the cash flow caused by the business being unable to operate because of interruption due to an insured peril occurring. For example, if a fire causes major damage to a manufacturer, the replacement and repairs of machinery would be covered under a property insurance policy. But if operations are stopped for 2 months, then there is no replacement of income without business interruption coverage.
Liability insurance insures against liability legally imposed upon a business because of its negligence or that of its employees. Different types of insurance coverages are available. Some of the major types are:
- Commercial general liability insurance: also known as CGL insurance: This typically provides coverage for bodily injury and property damage, personal injury (libel and slander), and tenant’s legal liability (damage to a landlord’s property).
- Professional liability insurance: also known as Errors & Omissions (E&O) insurance. This provides coverage to business professionals for errors, omissions or negligent acts which may arise while providing their services. Types of professionals who would have E&O insurance include physicians, engineers, architects, lawyers, and business consultants.
- Directors and officers’ liability insurance: also known as D&O insurance. It is intended to provide coverage for the acts or omissions of those in the director or officer position. Types of organizations that would have this type of insurance would include, strata buildings, non-profit organizations, and corporations.
- Product liability insurance: this provides coverage for businesses that sell assembled or manufactured goods.
Commercial Auto Insurance For Business Use
Your personal automobile policy or that of an employee does not cover vehicles used by your business. If your business uses motor vehicles, then you need a commercial auto policy. Commercial auto coverage insures against property damage to vehicles and damage caused to others by those vehicles.