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What is Commercial Insurance?

Updated: Mar 9

Safeguards your company's finances against risks including customer lawsuits, employee or customer injuries, property theft and damage, and other unforeseen occurrences.

What is commercial insurance?

Commercial insurance, commonly known as business insurance, safeguards your company's finances against risks including customer lawsuits, employee or customer injuries, property theft and damage, and other unforeseen occurrences. Unlike personal insurance, commercial insurance has the ability to cover a wide range of people and entities. Additionally, commercial insurance often has far higher amounts of coverage than personal insurance because there is typically more physical property at risk.

A business owner's policy (BOP)

Combine general liability and commercial property insurance into one policy, typically at a lower cost than purchasing them individually. A BOP safeguards your company and assets from a variety of dangers.

General liability insurance

Includes frequent dangers including advertising injuries, customer property damage, and customer injuries. Most leases and contracts call for it.

Errors and omissions insurance (E&O)

Also known as professional liability insurance, shields your company against a liability suit if you're held accountable for a missed deadline, careless behavior, or error that causes a financial loss.

Commercial auto insurance

In addition to accidents or injuries, this policy covers theft, vandalism, and other damages to your company's fleet of commercial vehicles.

Workers’ compensation insurance

Protects both your business and your employees against cost-related work-related illnesses and injuries.

Which type of business insurance coverage do I need?

Depending on the sort of business you have, the amount of commercial property you own, and other considerations, Insure Connecticut can assist you in determining the coverage and amount of insurance your company requires. You must ensure that your insurance fits any standards imposed by state law, your customers, or your sector.

What You Need to Know About Commercial Insurance Policies

If you're unsure which commercial insurance coverage is best for your business, you should consult with an insurance representative. Here are a few key points about your policy:

  • Before an insurance claim is paid, the insured is responsible for paying the insurance company's deductible. In the event of an accident, having a high deductible insurance policy may save you money in the short term but cost you more in the long run.

  • A company's cost of insurance is determined by the premiums it pays. It is possible that a number of variables, such as the size of your company, its location, its annual revenue, and the number of years you've been in business, will have an effect on your premium.

  • There are restrictions to how much an insurance company will reimburse you for any particular claim or during the policy's term. Regardless of whether or not you've met your deductible, the policy will only reimburse you up to a specific dollar amount. There is a wide range of limits depending on the policy and coverage, which can go up to hundreds or even thousands of dollars.

  • A policy's exclusions are the items it won't pay for. This information will help you determine if the insurance policy is the best fit for your company's needs.

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