A Guide To Commercial Insurance

What are the main types of commercial insurance?

The most common policies are public liability, employers' liability, commercial property, professional indemnity, tools & equipment, and cyber insurance. But there are others like product liability, directors & officers, and more.

When should I get commercial insurance?

You should have relevant insurance policies in place before officially launching your business. Review needs when expanding into new markets or adding properties/employees.

Is commercial insurance required by law?

Some policies like employers' liability are legally required. Public liability is mandatory for certain industries. Check your state's specific regulations.

How much does commercial insurance cost?

Costs vary widely based on business size, industry, locations, claims history, and policy types. Expect to pay 0.5% to 12% of your gross revenue on premiums.

Can I bundle multiple insurance policies?

Yes, many providers offer convenient business owners policy (BOP) bundles that combine common coverages. This simplifies renewals and can offer discounts.

How do I file an insurance claim?

Contact your provider immediately after an incident providing details, documentation, and evidence. An adjuster will be assigned to assess damages and process payouts.

What factors determine my insurance rates?

Insurers consider business type, location, claims history, value of assets/property, safety procedures, policy types, and more when calculating premiums.