A commercial business requires protection from a range of risks. Organisations, whether they are small or large, have to consider how they are positioned to safeguard themselves and their customers from a range of threat measures.
The word ‘commercial’ is defined as ‘concerned with or engaged in commerce’ and ‘making or intending to make a profit’. The European Union was reported to have around 26.06 million businesses operating within the economy in 2024.
With 140,540 registered businesses in Malta, up by 2.4% from 2023, the concept of protection is essential while enterprises are growing or looking to scale. Securing an appropriate commercial insurance policy could make the difference between increased revenues or multiple challenges that impact business development.
Contents
- What is commercial insurance?
- 5 common types of commercial insurance.
- When do you need commercial insurance?
- Browse commercial insurance with GasanMamo.
What is commercial insurance?
Commercial insurance is an umbrella term for the different kinds of business insurance an organisation can take out to protect their enterprise, customers, and employees. The main purpose of commercial insurance is to protect from losses that may occur due to accidents, natural disasters, or lawsuits.
Businesses can invest in a variety of commercial insurance premiums, such as employee coverage, legal liability, or loss of income insurance. The ability to assess risk and gain adequate protection is vital for the continued success of a business. Many look towards experienced insurance providers to support them with this process.
5 common types of commercial insurance
There are three main categories of commercial insurance: liabilities, property and buildings, plus business assets and equipment. More specifically, these can be divided into five commercial insurance types:
- Business interruption insurance
If an incident, such as a natural disaster, accident, or theft, affects your normal business operations, then having business interruption insurance in place could make all the difference. Business interruption insurance protects against loss or damage to your organisation’s physical assets and can help manage the risk of potential lost income.
- Liability insurance
A liability is an obligation. Liability insurance protects businesses from compensation claim loss, such as claims related to third-party incidents on your premises. This could encompass third-party injury or property damage.
Essentially, liability insurance should cover legal costs and damages if your organisation is found liable for an incident on your business site.
- Commercial property insurance
Protecting the physical assets of your business, commercial property insurance covers loss or damage to buildings, contents and fixtures. This may include repairs due to fire, storms or theft, with replacement costs for stock, contents or other equipment.
- Employee protection insurance
Your employees can be covered with employee protection insurance in case they suffer an injury or unfortunate event at work. This can sometimes be offered as a group policy by employers so that all eligible staff can access the coverage afforded by the protection plan.
- Cyber protection insurance
If you’ve ever suffered a security breach, you’ll know how essential cyber protection insurance is. This type of insurance policy should cover any investigation costs resulting from a security violation. Your cyber protection insurance may also protect against the costs incurred when data is corrupted, damaged or lost.
When do you need commercial insurance?
If your enterprise has employees or customers that attend your premises, it’s important to have liability insurance in order to protect the business against any claims. If you also handle sensitive data, it makes sense to have cyber protection insurance so that if a data breach happens, you can reduce the potential damage a leak may create.
With business properties, it is vital to insure any buildings and contents as an unexpected incident, such as a storm or theft, could cost your organisation a significant amount of money if you’re not insured.
No business plans to stop its operations but business interruption can occur when you least expect it. That’s why having a business interruption insurance plan enables you to protect your enterprise even if you have to temporarily stop your day-to-day activities.
Browse commercial insurance with GasanMamo
You may know us as Malta’s leading insurance company, but what you may not know is we have years of experience in providing a wide variety of insurance policies for our business clients.
With a diverse portfolio of commercial insurance options, we tailor insurance premiums to your exact business needs. Our commitment is to deliver exceptional protection so your business continues to thrive.
Why not get in touch with us for a chat about your commercial insurance requirements? Contact our team for more information.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.
Photo: © by denphumi from Getty Images
