What Is Commercial Insurance Coverage?

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What Is Commercial Insurance?

Commercial insurance protects businesses from different claims and risks, such as:
  • Lesiones corporales
  • Cyberattacks
  • Data breaches
  • Daños a la propiedad
Business owner learning about what commercial insurance isThere are many types of commercial insurance that you can get to protect your company. From commercial casualty and property insurance and general liability insurance to workers’ compensation insurance, each policy helps you in different ways. 
Picking the right types of coverage means your company will have a customized policy that meets your unique needs. To learn more, obtener una cotización  hoy mismo.

How Does a Commercial Insurance Policy Work?

Commercial insurance, also known as business insurance, is designed to help protect businesses from unexpected events, like lawsuits, theft, fires or accidents. When you purchase a commercial insurance policy, you help safeguard your business against covered losses like property damage, bodily injury or professional mistakes. Without commercial insurance, your business would have to pay out of pocket for costly claims. Your insurer can help you recover from a covered loss, so you can get back to doing what you love.

Types of Commercial Insurance Policies

There are many types of business insurance coverages that can help protect your organization, including:

Seguro comercial para automóviles

Commercial auto insurance helps cover you and your employees on the road if you drive business-owned vehicles for work. In most states, you’re required to have commercial auto insurance if your business owns and operates any vehicles for business reasons. This coverage can help pay for property damage and medical expenses from a fender bender to a fatal accident.

Seguro de propiedades comerciales

Commercial property insurance can protect your company’s building that you own or rent and the equipment you use to operate. What does commercial property insurance cover? This coverage helps cover your property in the event of a fire, burglary, theft, windstorm or lightning. If you run a home-based business, commercial property insurance provides more coverage than what you’d have with a typical homeowners insurance policy.

Seguro general contra terceros

General liability insurance can help cover claims alleging that your company caused bodily injury or property damage to someone else. For example, if a customer slips and falls inside your business and needs medical treatment, your general liability insurance policy will help pay for it. Or if one of your employees damages a customer’s wall while working inside their home, your policy can help pay for the repairs.

Seguro de compensación para trabajadores

Many states require businesses to have workers’ compensation insurance to help protect their employees. Workers’ compensation insurance gives your employees benefits to help them recover from a work-related injury or illness. Workers’ compensation can also help with medical expenses, rehabilitation and lost wages.

Seguro para la pérdida de datos

Data breach insurance, known as cyber insurance, can help protect your small business from risks associated with a data breach if confidential information gets lost or stolen. Cyber insurance can also help cover your costs to notify impacted individuals and offer credit monitoring services.

Seguro para ingresos comerciales

Business income insurance, known as business interruption insurance, can help replace your lost income if you can’t operate because of covered property damage. For example, if your business is unable to operate and generate revenue due to fire damage, this insurance helps cover your lost income until you can reopen again. This can help you continue to pay your operating expenses, like payroll and monthly bills.

Business Owner’s Policy (BOP)

Un Business Owner’s Policy (BOP) combines three essential types of liability coverage: commercial property insurance, general liability insurance and business income insurance. A BOP helps cover your business from claims such as fire, theft, bodily injury or business property damage. It can protect your business against claims that are related to your business operations.

Who Needs Commercial Insurance Solutions?

Small businesses need commercial insurance to help cover the costs associated with property damage and liability claims that could happen during a normal workday. Without commercial insurance, an unexpected accident or lawsuit could be financially devastating to a small business.
In most states, you’re required to have some amount of commercial insurance to protect you, your business and your employees. Depending on the type of work you do, you may also be required to have business insurance in your industry.

Common Questions About Commercial Insurance Coverage

How Much Does Commercial Insurance Cost?

Commercial insurance costs vary because every company is unique. Insurance companies use different factors to determine costs, which can include:
  • Company type
  • Number of employees
  • Lugar
  • Nómina de Sueldos
  • Years in operation
  • Risk exposure
The factors an insurance company uses can depend on the type of commercial insurance. The best way to find out your company’s commercial insurance cost is to obtener una cotización.

What Is an Example of a Commercial Insurance Plan?

Small business owner signing up for commercial insurance coverageThere
are many types of commercial insurance plans. We make it easy for you to create a plan that fits your company’s needs. A popular coverage is our Business Owner’s Policy (BOP) because it bundles three essential types of coverage into one:
  • Commercial property insurance
  • General liability insurance
  • Business income insurance
You can add additional coverage if you need more protection, like data breach insurance or professional liability insurance.
If you’re trying to find the best commercial insurance for your company, learn more about The Hartford’s offerings and obtener una cotización.

What Should I Know About Commercial Insurance Coverage?

When you get commercial insurance coverage, your policy will include details about how it works. You’ll see terms that you may not be familiar with, but we can help.
  • Premiums: This is the total cost your company pays to an insurer to get coverage. You may pay this cost upfront or monthly.
  • Deductibles: The amount you’re responsible for before insurance provides coverage. For example, if your deductible is $500, that’s how much you must pay when filing a claim to get coverage.
  • Policy limits: This number is the maximum amount your insurance company will cover for a claim.
  • Exclusions: Events or causes of loss listed in an exclusions list means your insurance company won’t cover it.

What Is the Difference Between Commercial and Personal Insurance

Commercial insurance is designed to help protect against the risks associated with running a business. A commercial insurance policy can cover more than what your personal insurance does, especially when it comes to protecting your business and its assets. Personal insurance policies help protect your personal assets, like your home and car, while a commercial insurance policy helps protect your business’ assets, like your employees, property and company vehicles. If you own a business, you may be required by state law to have certain commercial insurance coverages, like workers’ compensation and commercial auto insurance.

Get a Commercial Insurance Quote Today

Entrepreneur looking over commercial insurance coverageIf you’re still wondering about the commercial insurance definition or have questions about what is covered under commercial insurance, we can help. We’re an experienced insurance company and our specialists can help you get the coverage you need. Whether you need to create a policy for your business or are looking for help to file a claim, we’ve got your back.
Reciba una cotización for commercial insurance today.
Última actualización: 7 de mayo de 2024
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