Commercial Insurance: An Overview
What is Commercial Insurance?
Commercial insurance refers to insurance products designed to protect businesses, organizations, and institutions from financial losses related to operational risks, property damage, liability claims, or employee-related issues. Unlike personal insurance, which covers individuals, commercial insurance is tailored to business needs, ranging from small enterprises to large corporations.
Key Types of Commercial Insurance
Property Insurance
Protects physical assets such as buildings, equipment, inventory, and office facilities.
Covers risks like fire, theft, natural disasters, and vandalism.
Liability Insurance
Protects businesses against legal claims from third parties.
Includes general liability, professional liability (errors & omissions), product liability, and directors & officers (D&O) insurance.
Workers’ Compensation Insurance
Provides medical benefits and wage replacement for employees injured on the job.
Required in most countries for businesses with employees.
Business Interruption Insurance
Covers lost income and operating expenses if a business is forced to pause operations due to covered events such as natural disasters.
Commercial Auto Insurance
Covers company vehicles, drivers, and liability for accidents.
Cyber Insurance
Protects against data breaches, cyberattacks, and technology-related losses.
Specialty & Industry-Specific Insurance
Includes coverage tailored for sectors like construction, healthcare, manufacturing, transportation, and energy.