Types of Commercial Insurance

Your commercial insurance premiums depend on your business type, size, location, and industry risks. Claims history, coverage needs, and limits also influence costs. Strong risk management, safety measures, and security protocols can lower premiums, as can higher deductibles. Other factors include industry regulations, your company’s credit score, and the insurer you choose. Insurers assess these elements to determine risk and set premiums. 

Commercial insurance protects businesses from financial risks, ensuring stability. It covers liabilities, property damage, employee risks, and disruptions like lawsuits or disasters. Protecting assets and employees boosts credibility and ensures legal compliance. Tailored policies help manage industry-specific risks, offering peace of mind and supporting long-term growth.

Commercial auto insurance provides liability and physical damage coverage for vehicles used for business purposes.

Errors and Omissions (E&O) is crucial for service-based businesses, while Directors and Officers (D&O) is essential for companies with executives and board members. Both help cover legal fees, settlements, and judgments, ensuring financial stability and reputation protection.

If you're in an accident in a commercial vehicle, or a vehicle used for business purposes, you are only covered by a commercial auto policy. General liability insurance protects you in claims such as third-party injuries, third-party property damage and advertising injury.

Commercial property coverage covers the premises of the business, which is usually a building, and everything inside. Coverage usually extends to things like equipment, furniture, computers, signage, documents, supplies and others' property.

Business interruption insurance is a smart investment because it helps protect your income and operations if an unexpected event disrupts your business.