Different Types of Commercial Insurance

Machinery Breakdown Insurance
Machinery Breakdown Insurance provides coverage for the accidental breakdown of machinery and other equipments. This type of coverage usually will reimburse you for property damage and business interruption losses.

Glass Insurance
Glass insurance covers broken store windows and plate glass windows.

Marine Insurance
Marine insurance covers property in transit.

Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.

Errors and Omissions Insurance
Errors and omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an insurance agent failing to file policy applications, or a notary forgetting to fill out notarisations properly.

Directors' and Officers' Liability Insurance
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.

Commercial Automobile Insurance
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property.

Workers' Compensation Insurance
Workers' compensation insurance covers you for an employee's on-the-job injuries. Businesses with employees are required by various state laws to carry some type of workers' compensation insurance.

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Originally Posted by MTG

Marine Insurance
Marine insurance covers property in transit.

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Just to add in Marine Insurance.
Marine insurance has two important and broad components. The first one is cargo insurance and the second one is hull insurance. Cargo insurance provides cover for losses or damages that could occur to goods in transit on sea, rail, road or air. This insurance is purchased by the owners of cargo/ships.
Hull insurance covers the insurance of the carrier of the goods. This type of insurance is purchased by the owners of the transportation vehicle. In case of Import-Export trade, the responsibility for purchase of insurance lies with the seller if the price quoted is Cost, Insurance, and Freight (CIF).