What is Commercial Insurance ?

You may belong to one of those people who are questioning about what is commercial insurance. Just like the name, commercial insurance is the insurance to protect commercials; this type of insurance is purchased by both big and small business owners to protect their businesses from kinds of losses or perils. The coverage of the insurance is varied based on the needs of the applicants.

The coverage may be such as damage in the property, business interruption, theft, or some other detail coverage like employees or guests’ injury. It makes three types of commercial insurance; property, workers, and liability compensation. Yet, there are also few other commercial insurance types. You can choose any type of insurance to become the best protection in your business.

What is Commercial Insurance ?
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 Commercial Insurance for Property Protection 

The property commercial insurance is the type of commercial insurance to cover damages that are happened in the property and also the main contents. Talking about what is commercial insurance in this type, the insurance for the property can also cover breakdowns in the business’ equipment or the mechanical devices malfunctions.

Meanwhile, when the commercial insurance covers the business interruption, then the coverage will pay all kinds of expenses in the business for short periods if the business suffers some loss for fire or any other causes.

 General Liability

If the commercial insurance purchased by business owner is also including the general liability, then the policy will protect the business from sued injury and also the damages in property that are made by the third party.

The liability insurance is also including malpractice insurance that is specially provided for errors and professionals, and omissions insurance that is provided to protect the business from non purposeful faults such as the application fail or file forms fails, etc.

 Commercial Insurance for Workers Compensation

Another definition about what is commercial insurance is the compensation for the workers inside the business. This type of insurance will cover the medical costs and other expenses for the workers. The compensation will be given when the workers get injured while they are working.

In each state, the regulation may be different about certain amounts of workers so that the business can purchase the workers compensation in the commercial insurance. The policy in this type of insurance will also limit the employee’s ability to sue their employers to be responsible to some damages.

 Automobile Insurance in the Commercial Insurance

Automobile insurance is also another type about what is commercial insurance you can have to cover. This commercial insurance coverage will protect the automobile of the business from damage or other kinds of loss.

Most businesses must need the automobile insurance policy to protect their vehicles that support the business activities. Any kind of business may have vehicles in kinds of type; the insurance will cover the losses caused by theft, damage, disaster, etc. Contractors, delivery companies, and plumbers are some businesses that need this kind of commercial insurance.

Commercial Insurance Package Policy

In the commercial insurance package policy, there are two or more types of coverage that can be had in one policy. General liability and commercial property are the most types.What is commercial insurance provides in another package is the commercial automobile insurance and inland marine.

When a business decides to purchase commercial insurance with package policies, it means that they should pay in one premium because all coverage has been in one insurance product. Sometimes, the insurance company gives special discount in this kind of package.

By knowing about what is commercial insurance as well as kinds of the types and coverage, you will know the advantages and what insurance that will be purchased to protect your business.

It is important to buy commercial insurance so that you can run the business with peaceful of mind. Besides, you will not suffer too many losses for some of them have been covered by the insurance company.