What does commercial insurance mean?
Commercial business insurance is coverage for businesses and corporations, generally designed to cover the business, its employees and ownership. Since there are so many types of businesses with different needs and situations, commercial insurance can come in many shapes, sizes and colors.
What are the 4 most common types of commercial insurance?
General Liability Insurance\n\n A type of business insurance that helps cover claims that your company caused bodily injury to someone else or property damage to another person's belongings. General liability insurance is also known as commercial general liability insurance or business liability insurance.
What is commercial insurance and what does it cover?
Plain and simply, commercial insurance is insurance that protects businesses. It covers businesses against losses, arising from things like damage to property or injury to employees, and is a term commonly used to label core business insurance covers like public liability and employers’ liability.
How is commercial insurance determined?
The amount of money business owners have to pay is determined based on the amount of property the business has in its name or the potential liabilities the business might be exposed to. The commercial insurance terms are often influenced by the requirements imposed on the business by vendors, landlords, or partners.
Do you need commercial insurance for your business?
But the coverage mostly depends on the business’ insurance needs, so even though all businesses should acquire a basic commercial insurance policy, they might want to consider specialized policies to ensure maximum protection.