Commercial insurance is insurance designed for businesses. This insurance provides many protections from liability, as well as many other things. This insurance is broad in that it can be structured to meet the unique needs of a business. The agents of Commercial One Insurance Service of Burlingame, CA are committed to helping companies understand the benefits of this type of insurance.
The Basic Gist
The easiest way to explain commercial insurance is to look at it as insurance for businesses that provides protection from liability, protect company assets, protect employees, and much more. However, no two businesses are alike, and commercial insurance is geared to suit the specific needs of a business or company. Businesses pay a premium, must pay deductibles, and have policy limits, coverage’s and exclusions, just like personal insurance policyholders.
How Does Commercial Insurance Benefit Businesses?
Commercial insurance is broad in that it can provide many different protections. For example, commercial or business insurance can protect a business from property damage, theft, client lawsuits, and customer or employee injury. However, the benefits don’t end there. This insurance is designed to provide protection from standard risks and liabilities.
Who Is Covered by Commercial Insurance?
Unlike personal insurance, commercial insurance is designed to cover and protect large groups of people. This includes both the employees and the company’s stakeholders. The coverage limits are generally higher because businesses have more risks to consider. A company’s name and reputations, as well as its financial standing, are areas of protection covered by commercial insurance.
Different Types of Commercial Insurance
Businesses are as unique as snowflakes. No two are the same. As a result, commercial insurance can be just as widely diverse as the company. However, common types of commercial insurance include Errors and Omissions insurance, which is designed to protect tech companies from mistakes they may make with client projects. Workers’ compensation insurance provides protection from medical bills created from employee work injuries as well as lawsuits that may arise from these injuries. Liability insurance is another common type of commercial insurance. This insurance covers both property damage and injuries.
Commercial One Insurance Service of Burlingame, CA is committed to helping you choose a policy that will provide your business with the type of coverage that it needs most. Give us a call.