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Commercial insurance overview

Commercial insurance protects businesses, and in some cases directors and officers.  All businesses benefit from commercial insurance, from large corporations to small sole-proprietorships operated from home.

Types of commercial insurance

Commercial insurance policies are usually tailored to one particular industry.  For example, a policy for a restaurant will be different than a policy for an apartment.  But there are some basic coverages that most commercial insurance policies will include, such as:

  • Liability – Covers the company if it is responsible for certain injuries or property damage.
  • Property – Covers property owned by the company, such as buildings, tenant improvements, or contents.
  • Income – Replaces income lost after a covered loss causes the business to close.

For a more extensive list, click here and choose the appropriate industry.

How much does commercial insurance cost?

Commercial insurance premiums vary depending on factors such as business type, revenue, payroll, and coverage carried. For very low-risk small businesses, premiums can be as low as $30 per month.

In what ways does commercial insurance cover me?

Most businesses face the risk of theft, fire, or water damage in addition to the risk of being held responsible for injuries. Larger businesses can lose income after fire or water damage. In addition, each industry has its own specific risks. Contractors can cause property damage. Restaurants can cause food poisoning. Consultants can make mistakes that cause financial losses. It is therefore important to carry a policy that is tailored to your industry, and inquire about all available coverages.

How many policies will I need?

Insurers typically offer package policies that include most, if not all, coverages a business may need. These package policies are often available for the more commonplace businesses. However, packages may not be available for the more unique or high-risk businesses, in which case multiple policies may be necessary.

Contact Chris Elliott Insurance Agency!

We offer just about any coverage for just about any industry, and can usually offer a comprehensive package of coverage, all at a competitive rate. Plus we have access to insurers brokers do not.