As the name suggests, commercial insurance protects businesses, including business owners and their employees. Because every business is different, there is no one-size-fits-all insurance policy for small business owners. Commercial insurance.
Commercial insurance definition
Put quite simply, commercial insurance consists of one or more types of coverage designed to protect businesses, their owners and their employees. Many business insurance policies include basic coverages such as property, liability, crime and commercial auto insurance, as well as other optional insurance, such as business interruption insurance, equipment breakdown insurance, and workers compensation. Add Cyber Insurance Employee benefits such as dental, vision, disability and group life insurance also fall under commercial insurance, as do surety bonds which help ensure that contractors stick to the terms of a construction contract and/or follow governmental rules and regulations, as well as protect against losses stemming from a court decision or employee theft.
Commercial insurance FAQs
When it comes to choosing insurance, most business owners want to know what insurance they need and how much it will cost. As we’ve already discussed, one of the biggest factors in determining what insurance coverage is needed depends on the business type. Other important considerations include:
Health insurance companies
Whether the business owns or rents vehicles
Whether the business owns, leases or rents the building(s) they operate from