Every business faces risks. Commercial insurance can help protect your property, employees, customers, vehicles, income, and financial future. Here are answers to common business insurance questions.
What is commercial insurance?
Commercial insurance is a group of policies designed to protect businesses against financial losses caused by accidents, property damage, lawsuits, employee injuries, cyberattacks, and other covered events.
What types of business insurance do I need?
Coverage depends on your industry, business size, employees, property, vehicles, and operations. Common policies include:
- General liability insurance
- Commercial property insurance
- Business income insurance
- Workers’ compensation
- Commercial auto insurance
- Cyber liability insurance
- Professional liability insurance
- Employment practices liability
- Commercial umbrella insurance
What does general liability insurance cover?
General liability insurance can cover claims involving bodily injury, property damage, and certain personal or advertising injuries. For example, it may respond if a customer is injured at your business or your company damages someone else’s property.
Does commercial property insurance cover all damage?
Commercial property insurance can protect your building, equipment, inventory, furniture, and other business property against covered losses. Flooding, earthquakes, equipment breakdown, and certain other risks may require separate coverage.
What is business income insurance?
Business income insurance can help replace lost income and pay certain continuing expenses when a covered property loss temporarily interrupts normal operations.
Is workers’ compensation required?
Most states require businesses with employees to carry workers’ compensation insurance, although requirements vary. This coverage can help pay medical expenses and lost wages after a covered work-related injury or illness.
Do I need commercial auto insurance?
You may need commercial auto insurance if your business owns vehicles or employees drive for work. Personal auto policies may exclude or restrict coverage for business use.
What is cyber liability insurance?
Cyber liability insurance can help a business respond to ransomware, data breaches, fraudulent payments, and other cyber incidents. Small businesses are also vulnerable to cybercrime.
What is professional liability insurance?
Professional liability insurance can cover claims involving alleged errors, omissions, or negligence in professional services or advice. It is also called errors and omissions insurance.
What is commercial umbrella insurance?
Commercial umbrella insurance provides additional liability limits above certain underlying policies. It can offer valuable protection when a serious claim exceeds the limits of a primary policy.
How much does commercial insurance cost?
Premiums depend on your industry, location, revenue, payroll, property, vehicles, claims history, coverage limits, and other risk factors. Two similar businesses may pay different amounts based on their individual exposures.
How often should I review my business insurance?
Review your coverage at least annually and whenever you hire employees, add services, buy equipment, acquire vehicles, move locations, enter new contracts, or significantly increase revenue.
Protect the Business You Have Built
The right commercial insurance program should reflect your business’s actual risks—not simply provide the lowest premium.
[Agency Name] can help you understand your options, identify potential coverage gaps, and build an insurance program suited to your operation.
Contact us today for a commercial insurance review.
Coverage descriptions are general. Actual coverage is determined by each policy’s terms, limits, conditions, endorsements, and exclusions.