Are You New to Commercial Business Insurance? What Do You Need to Know?

Commercial business insurance has many dissimilarities with home insurance in that there are a chunk of factors that may hamper your business. This insurance depends on what type of sector you are from, the number of employees working under you and how you are operating your business. To choose the best commercial insurance for your business, you may consult with a reputed insurance firm like Surewise. Surewise offers commercial business insurance, cyber insurance, travel insurance, property insurance, and many more.

What is commercial business insurance?

As per the name, this type of insurance protects businesses, business owners, commercial properties, and employees. Because the need is not the same for all businesses, there is no one-size-fits-all solution for everyone.

Certain factors that can affect the costs of commercial business insurance include:

•       Business location
•       Number of years in the industry
•       Number of employees
•       Gross annual revenue
•       Whether the business leases, owns, or rents the building or office from which they are operating
•       Whether the company rents or owns vehicles

Do you need commercial business insurance?

If you have employees who are working with you, you can take part in your state’s worker’s compensation, disability, and unemployment insurance programs. But if you are the only employee, you don’t need business insurance (As per the law).  But why do you want to lose everything that you have earned by your hard work? Check with your state government for the criteria you must meet to do business. It is recommended that you should have some kind of policy in your hand before plunging into the business.

Different types of commercial business insurance

•       General Liability: This type of insurance covers and protects general things including injuries, property damage, accidents, or negligence claims. Some policies may also protect your company if people slur your business reputation and you need to pay your clients/stakeholders.
•       Property or Casualty: these types of policies fall under general liability insurance, but they can also be interchangeable. So, pay attention while checking your policies. But peril specific policies such as flooding, fire, crime, and business interruption are not covered under the property insurance. You may need to add them separately to your policy.
•       Product Liability: If your building gets damaged by one of your products or if someone is injured by one of your products in an accident, then this type of policy is needed.
•       Life & Disability: This type of insurance protects you against the loss of income for your business due to the death or inability of a senior employee.
•       Commercial Auto: If your vehicles are used for business purposes then they should be covered in case something happens to the employee or vehicle while it is in operation.
•       Business Interruption: this type of policy protects if there is an interruption in running your business.  Suppose there is an accident that shuts your factory down and because of this, you need to lose time and money.
•       Home Business: This type of insurance usually covers you for your home business that gets damaged from a fire or other accident. But most policies offer a very little amount to make up for any losses to a home business.  
•       Internet Business: Cybercrimes are rising day by day. So, this is high time to secure and protect your business along with imperative information and data with internet business insurance.
•       Specialty Insurance: With this type of insurance, dentists, doctors, accountants, and Not-for-Profits can cover their businesses for various things that may go wrong such as errors on taxes or malpractice suits.

Compare multiple quotes from various insurance companies and decide which one offers the best commercial insurance that will meet all your needs. Go through every policy carefully and don’t forget to ask questions if you have any doubt.

Surewise is a pre-eminent company that offers various types of insurance including cyber insurance, commercial business insurance, travel insurance, construction insurance, air insurance, and many more. We have our own in-house claims team who have the experience and knowledge to lodge, manage and settle your claim as early as possible. We ensure that you receive your full policy entitlements.

To know more about us and our policies, please visit our official website.