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Commercial insurance

Commercial insurance protects your business against the costs of liability lawsuits, property damage, and other risks.

What is commercial insurance?

Commercial insurance, also known as business insurance, financially protects your business from common risks such as client lawsuits, customer or employee injuries, property theft and damage, as well as other unexpected events.

There are two main types of commercial insurance. Commercial property insurance helps pay for business property damage or loss. Business liability insurance helps cover the cost of lawsuits brought against your business.

What kinds of businesses need commercial insurance?

Any small business owner could benefit from commercial business insurance, including independent contractors and freelancers. Accidents, lawsuits, and injuries can happen in any workplace, which is why it's important to secure protection even when insurance isn't required by law.

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What are the most common types of commercial insurance?

Small business owners most often buy these business insurance policies:

General liability insurance covers common risks such as customer injuries, customer property damage, and advertising injuries. It’s often required for leases and contracts.

Errors and omissions insurance (E&O), also known as professional liability insurance, protects your business from a liability claim if you’re sued over a missed deadline, negligent act, or mistake that results in a financial loss.

A business owner’s policy (BOP) combine commercial property insurance and general liability coverage into one policy, usually at a lower price than buying them separately. A BOP protects against a wide range of risks to your business and property.

Cyber liability insurance protects against the financial impact of data breaches and cyberattacks.

Commercial auto insurance covers your company-owned commercial vehicles in the event of accidents or injuries, as well as theft, vandalism, and other damages.

Fidelity bonds are similar to an insurance policy. These bonds can reimburse your clients in case one of your employees steals from them. They’re often required for those who handle cash and other transactions.

Workers’ compensation insurance covers your employees for work-related injuries and illnesses, while also protecting your business from these costs.

FAQs about commercial insurance

How do I get insurance for my business?

Contact an insurance company or an insurance agent, such as one of Insureon's licensed agents. The agent can discuss insurance options based on your business needs and provide quotes for policy premiums.

If you already know what kind of insurance you need, you can fill out Insureon's free online application to get quotes from top-rated insurers. You can buy coverage online and get a certificate of insurance usually within 24 hours.

Read more about how to get business insurance.

How do I decide which business insurance coverage I need?

Your insurance agent can help you determine what coverage and how much insurance your business needs, based on your business type, how much business property you have, and other factors. You'll need to make sure your coverage meets any requirements set by state laws, your clients, or your industry.

Read more about what types of insurance you might need.

What happens if I need to file a claim?

Contact your insurance agency. They will investigate your claim, assess the damage, and inform you of the next steps. If your claim is approved, it will be subject to any deductible and coverage limits included in your policy.

If someone sues you for financial damages that are covered by your insurance, your insurance provider will likely put you in touch with an attorney to represent you in court or settle a claim.

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