by Commercial risk management applications are designed to help businesses identify, assess, and manage risks that could impact their operations, employees, customers, and assets. Two common types of commercial risk management applications are property insurance and liability insurance.
- Property Insurance: Property insurance provides coverage for damage or loss to a business’s physical assets, such as buildings, equipment, and inventory, due to events such as fire, earthquake, or theft. Some common types of property insurance include:
- Fire Insurance: Provides coverage for damage or loss caused by fire and related perils, such as smoke damage and water damage from firefighting efforts.
- Earthquake Insurance: Provides coverage for damage or loss caused by earthquakes, which are typically excluded from standard property insurance policies.
- Homeowners Insurance: Provides coverage for damage or loss to a business owner’s home and personal property.
- Industrial All Risk Insurance: Provides coverage for damage or loss to a business’s physical assets, such as buildings, machinery, and equipment, due to any accidental and unforeseen events, except for those specifically excluded in the policy.
- Liability Insurance: Liability insurance provides coverage for claims made against a business for injury or damage to a third party as a result of the business’s operations or products. Some common types of liability insurance include:
- General Liability Insurance: Provides coverage for claims of bodily injury, property damage, and personal injury (such as libel and slander) caused by the business’s operations or products.
- Product Liability Insurance: Provides coverage for claims of injury or damage caused by a business’s products, including design defects, manufacturing defects, and warning defects.
- Professional Liability Insurance: Provides coverage for claims of negligence or errors and omissions by professionals, such as doctors, lawyers, and accountants.
