Different Types of Insurances which are Needed for Corporation

Insurances are useful to us in many ways. There are many types of insurances which are useful for both the individuals as well as the business organizations or corporations.

If we take the case of corporations, there are different types of insurances like property insurance, public liability insurance, etc which are needed. Depending on the type of the corporation the insurance may vary.



Many types of insurances are included in the corporation. Generally, a separate team has to be maintained by the organization for finding the need of insurance . The team members will do a lot of research for finding out the best insurance. Or else, consult a qualified lawyer or the insurance company which provides insurance for the corporation. Insurances which are associated with the corporate insurance are as follows:

• Property Insurance: This insurance is useful for protecting the property from the damages and the thefts. The property includes both movable and immovable contents. It even covers the property against the natural calamities like fire, lightening, floods.
• Public liability Insurance: This is used by the corporation for protecting and safeguarding against the claims made by public. Using this type of insurance, it provides cover for the damages, for the expenses of litigation incurred during the cases of claims against the third parties.
• Product Liability Insurance: For protecting against the claims made by the third party because of the product which has been manufactured in the corporation, product liability insurance is used.
• Business Interruption Insurance: It mainly covers the losses of the profits which incurred during the cases where the business has been stopped due to property damages or so.
• Compensation Insurance: Mostly, all the corporations use this insurance for safeguarding their assets from the expenses which occur due to accidents or injuries of the workers in the corporation.
• Commercial General Liability Insurance: It covers the bodily damage, property damage, personal injury, Employees liability, Pollution liability, Product and services liability etc.

Apart from the above main insurance which are needed for the organization there are also miscellaneous insurances like Professional Indemnity Insurance, Directors and Officers liability insurance, Errors and Omissions insurance etc.