Commercial or Business Insurance

Businesses, like individuals, need to carry insurance. Why? What if someone slips on your office stairs or is injured by a faulty product? An employee drops a heavy box on her foot? Someone claims their reputation was hurt by something published in your newsletter? Or, what if a fire damages or destroys your office? Commercial insurance is there to protect and defend your business, and to get you back to business in the event of a disaster or sudden, unexpected loss.

Commercial insurance comes in many packages which can be uniquely tailored to fit the needs of different kinds of businesses and their "loss exposures." A loss exposure is the possibility that financial loss will occur due to damage, loss of use, or someone claiming financial damages – for example, the possibility that a fire could damage your office is a loss exposure. Generally, a commercial policy package consists of liability and property insurance. However, you may also customize your insurance package with other insurance products depending on your needs.

Some examples of other products available to businesses:

• Business income / business interruption
• Crime
• Equipment breakdown
• Inland and ocean marine
• Commercial auto
• Farm
• Workers compensation
• Employers liability
• Excess / Umbrella coverage
• Professional liability
• Aircraft
• Environmental
• Surety bonds
• Earthquake endorsement
• Flood

Talk to an insurer who understands your business and your potential exposures. To find a company or agent, you might see who insures businesses similar to your own. Ask industry peers or a business trade association for recommendations.

The Insurance Information Institute (I.I.I.) also maintains a comprehensive web page tailored to the needs of business owners. Categories include articles and instructive videos on kinds of business insurance, how to pick the right coverage, risk management, liability, other coverages and links to I.I.I. research and statistics.

Depending on the size and nature of your business, you might qualify for a Business Owners Policy (BOP). It is a more generic package of property and liability coverage suitable to a wide variety of smaller businesses.

Also visit: Home-Based Business Insurance | Insuring Your Small Business