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, and workers compensations. Add health coverage 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:

• Location
• Number of employees
• Years in business
• Gross annual revenue
• Whether the business owns or rents vehicles
• Whether the business owns, leases or rents the building(s) they operate from

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