Commercial insurance is insurance coverage designed to cover businesses and corporations, including their employees. Common types of commercial insurance include commercial property insurance, which protects commercial properties against risks
that are not covered by a standard homeowner’s or renter’s policy. Commercial general liability insurance is another common type of commercial insurance that provides coverage for third-party lawsuits arising from activity on commercial property and pays for damages and defense costs.
Common Types of Commercial Insurance Policies
When it comes to commercial insurance, there are a variety of policies that businesses could choose from. The most common coverage types are property, liability and workers' compensation:
Property insurance protects the business against damage or loss to property, such as buildings, inventory and equipment. This type of policy typically covers both physical damage and destruction, as well as theft and vandalism.
Professional Liability Insurance
Professional Liability insurance protects the business from any legal claims made against it. This type of policy could help cover costs associated with claims of injuries or damages caused by the business, and could help protect the business in the event of a lawsuit.
Workers' Compensation Insurance
Workers' compensation insurance provides benefits to employees who are injured or become ill as a result of their job. This type of policy could provide benefits for medical
expenses, lost wages and rehabilitation. It could also protect the business from legal action taken by employees.
Commercial insurance policies vary from business to business, and at Acceptance Insurance, our agents work with businesses to determine the most appropriate coverage for their unique needs.
The Benefits of Commercial Insurance
Companies and organizations purchase commercial insurance policies to protect themselves from certain risks inherent with running a business, and each one offers different benefits. Some of the most common benefits of commercial insurance coverage includes:
1. Coverage for Property Damage
Commercial insurance policies often provide coverage for property damage caused by accidents or natural disasters. This could help businesses recover from unexpected losses quickly and without too much hassle.
2. Coverage for General Liability
Commercial insurance policies also often provide general liability coverage. This means that businesses are protected financially in the event that someone is injured or their property is damaged as a result of something that happened at the business or by using the business's product.
3. Protection Against Business Interruption
If something happens that causes a commercial business to go out of service for a period of time, commercial insurance policies have the ability to protect against financial losses — this is often referred to as a Business Owner’s Policy.
4. Cost Savings
Purchasing commercial insurance could help save money in a number of ways, including lower premiums and reduced deductibles for the company.
5. Peace of Mind
Commercial insurance policies give businesses and commercial property owners peace of mind that they are protected in the event that an accident happens on their property.
How to Get a Quote for Commercial Insurance
When you are looking for commercial insurance, the best way to start is by getting a quote. This will give you an idea of how much coverage you need and how much your premium
will be. There are several ways to get a quote for commercial insurance:
You can get a quote online by filling out ourquick and easy online quote form.
You can also get a quote from an agent. An agent could help you find the best coverage for your business and help answer any questions you have about commercial insurance.Find an Acceptance Insurance agent near you.
A broker is someone who represents multiple commercial insurance companies. This could be a good option if you are looking for a variety of coverage options.
Once you have a commercial insurance quote, you will be able to make better informed decisions about your commercial policy, which could help protect your business and give you peace of mind.
Find the Policy That Fits Your Needs
There are a variety of commercial insurance policies available with Acceptance Insurance, and each one offers different benefits and levels of coverage. When you are looking for commercial insurance, it is important to find the policy that best fits your needs. Acceptance is here to help you get a commercial insurance plan that will work best for you and your business. Contact us today to get your online quote.
Common Questions About Commercial Insurance
What Commercial Insurance Do I Need?
This depends on the type of business you have. There are a variety of commercial
insurance policies available with Acceptance Insurance, and each one is designed to protect specific types of businesses depending on your specific risks.
How Much Commercial Insurance is Needed for Small Businesses?
Many small businesses underestimate the amount of commercial insurance they need. Many think that because they are a small business, they don't need as much coverage. However, this is not always the case. Small businesses could be just as vulnerable to lawsuits and property damage as larger businesses.
That's why it's important to work with an insurance agent who could help you determine the right amount of commercial insurance for your business. Depending on your business, you may need general liability insurance, property insurance or business interruption insurance.
Is Commercial Property Insurance Required in California?
You are required to fully insure the value of your buildings in California. If a building is not insured to value, you could be subject to a monetary penalty at the time of a loss. Commercial property insurance protects your business from losses caused by fire, theft or
other types of damage. It also covers the cost of repairing or rebuilding your business premises if they are damaged or destroyed.