Business insurance – Commercial insurance

Business insurance and commercial insurance are often used interchangeably, but they can have slightly different meanings depending on the context.

In general, both terms refer to insurance coverage for businesses, but there can be variations in the types of coverage included.

Business insurance is a broad term that encompasses insurance policies designed to protect businesses from various risks and liabilities. It typically includes coverage for property, liability, employees, and operations.
Business insurance aims to provide financial protection in case of accidents, damage, or legal claims.

On the other hand, commercial insurance specifically refers to insurance policies that cover businesses engaged in commercial activities, such as manufacturing, retail, or service-based industries. Commercial insurance focuses on protecting businesses and their assets from risks associated with their specific industry or operations.

Commercial insurance may include coverage options such as commercial property insurance, commercial general liability insurance, commercial auto insurance, and specialized policies tailored to the unique risks faced by businesses in different industries. It addresses the specific needs and risks of commercial enterprises, ensuring that they have the necessary coverage to protect their assets, employees, and financial stability.

In summary, business insurance is a broader term that encompasses insurance coverage for all types of businesses, while commercial insurance refers to insurance specifically designed for commercial enterprises engaged in commercial activities.

The exact coverage and policies included in each term can vary depending on the insurance provider and the specific needs of the business. 

What is business insurance?

Business insurance refers to a collection of insurance policies designed to protect businesses from various risks and potential financial losses. It provides coverage for different aspects of a business, including property, liability, employees, and operations. Business insurance is essential for mitigating risks and ensuring the long-term success and stability of a company.

Business insurance policies can vary depending on the size, industry, and specific needs of the business.

What insurance do I need for my business?

We can easily classify which insurances you need depending on the type of work.

1. Does your company have employees? Then you need workers compensation insurance In order to be covered in case the worker gets injured or sick at the workplace.
   This insurance is required by most states because you must cover all work-related injuries and medical expenses, lost wages of the injured worker and even death. Regardless of whether the worker has personal health insurance, you are responsible for his medical expenses if an injury occurs in the workplace, and such injuries occur even in the safest conditions. If you do not have this insurance, you have to pay all the costs yourself, which can be quite expensive.

2. Is your company in contact with other people’s property and people?
   Then you need general liability insurance.
   It covers bodily injury to your customers, property damage, advertising damage, personal injury, rental property damage and medical payments. These situations are common and every company should consider about this type of policy.

3. Does the company give advice to clients?
   Then you need professional liability insurance. In case your advice causes some damage to the client.
   The damage you can cause to your clients can be financial or physical. Such as doctors, consultants, advisors, personal trainers, nutritionists… Of course, the price of this insurance depends on the type of service you offer.

4. Do you have inventory or equipment that you want to insure such as furniture, computers, tools…?
   You can do this through your business owners policy.
   This is a combination of two different insurance policies for general liability insurance and property coverage.
   
   

It includes cover for business interruption caused by a claim, which is ideal for small and medium-sized business owners. The problem with this policy is that it does not cover employees at all.

The Business owners policy includes customer injuries, customer claims related to your products, damage to movable and immovable property.

5. Does the company own vehicles or work machines?
   Then you should get commercial car insurance. To insure your people and company on the road with a policy. The difference between Commercial Auto Insurance and Personal Auto Insurance is that Commercial Auto Insurance covers far more things. Such as, for example, loading and unloading, business equipment on vehicles, coverage of rented vehicles, greater exposure of property, loaded items on the vehicle or trailer…

6. Another smart type of insurance would be Commercial Umbrella Insurance.
   This coverage extends of  the limits for some of your liability policies

 In most cases, more than one type of insurance is required.