What is Commercial Insurance?

What Is Commercial Insurance?

We often talk about commercial insurance, which broken down to its simplest form is really business insurance.

Every business, no matter how small or large, has assets to protect and is exposed to liabilities while conducting business. Therefore, any business owner needs to recognize the importance of securing business insurance.

Life is full of unseen and unplanned mishaps, and the main purpose of business insurance is to maintain and protect the “life” of the business. Any of these potential mishaps could literally destroy the uninsured business, and even worse, the personal assets of the owner of that business.

In simple terms, one single event could put business owners at risk to lose their livelihood and income stream, as well as losing everything they presently own.

Commercial insurance falls into three general categories. They are property insurance, liability insurance, and worker’s compensation insurance.

Property insurance covers the physical assets of the business.

General Liability Insurance covers damages to third parties such as customers and customer’s property.

Worker’s compensation insurance coverage protects against losses from on the job injuries to employees.

In addition, there is specialized coverage available for the particular risk a business may be exposed to in its day to day operation.

The savvy entrepreneur understands that commercial insurance is part of the start-up costs in any new business. The business owner knows that seeking out the advice and service from a licensed insurance professional is essential. Together, you can design a commercial insurance package to protect the ‘life’ of the business.

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Workers' Comp
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