What is Commercial Insurance?

Answer:
Commercial insurance policies are designed to

meet the needs of businesses and organizations as opposed to individuals. These policies have different features to meet the insurance needs faced by the commercial market, such as worker’s compensation insurance, general liability, professional liability, errors and omissions, intellectual property, fiduciary liability, and many other types of risks.

There’s no “one size fits all” commercial insurance policy because business needs vary. Many different lines of commercial insurance exist with policies for property and casualty as well as liability insurance policies designed to meet specific needs for specific business types.

For example, a business owner who employs five employees and rents office space will have different commercial insurance needs compared to a hospital. Likewise, companies with extensive equipment such as a manufacturer will have different commercial insurance needs compared to a real estate agent who works in a small office.

Many commercial insurance agencies offer packages designed for specific industries. For instance, Farmer’s Business Insurance offers plans for artisan contractors, automotive trades, commercial real estate, restaurant, retail, wholesale and distribution, habitational (apartment and condo owners), and manufacturing.