What does my commercial insurance cover?

• Liability Insurance. ...
• Directors & Office Liability Insurance. ...
• Shop owners Insurance. ...
• Fire Insurance. ...
• Burglary Insurance. ...
• Office Package Policy. ...
• Marine Insurance. ...
• Construction's All Risk Insurance.

What is the difference between personal and commercial insurance?

A personal auto policy usually covers one person driving their own car, but a commercial policy covers an entire business. That could include multiple drivers, multiple vehicles, trucks, and employees with poor driving records.

Does insurance cover hit and run parked car?

If someone on the street hits or sideswipes your parked car and you can prove who caused the damage, their insurance should cover you. If you don't know or can't prove who hit your car but have collision or UMPD coverage, your insurance should cover the damages.

What is commercial insurance mean?

Commercial business insurance is coverage for businesses and corporations, generally designed to cover the business, its employees and ownership. Since there are so many types of businesses with different needs and situations, commercial insurance can come in many shapes, sizes and colors.

What are the most common types of commercial insurance?

The most common types of commercial insurance are property, liability and workers' compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to your employees.

What are commercial products?

Commercial Product means a product, such as an item, material, component, subsystem, or system sold or traded to the general public in the course of normal business operations at prices based on established catalog or market prices.

Why did my commercial insurance go up?

What's driving rates: Rates for these coverages continue climbing due to a number of factors, including large judgments, the cost of litigation and a rising tide of lawsuits against businesses. Gallagher notes that the median verdict for the top 50 cases has doubled in the past four years.

Does business insurance cover personal use?

What is business car insurance? Business car insurance covers your car if you use it for work. This is different to a standard policy, which only provides cover for social use and commuting. It's important to make sure your car is insured at all times, whichever class of use.

How do business insurance claims work?

A business insurance claim is a formal notification sent to your insurance company to alert them to loss or damage you've suffered and request compensation for the loss, if it's covered by your insurance policy.

Why do we need commercial insurance?

Commercial insurance is crucial for small businesses. It protects you from commonly experienced losses including property damage, theft, liability and employee injury. With adequate insurance, companies can more easily recover from these types of losses. Without it, you risk going out of business.

Is commercial insurance mandatory?

The federal government requires every business with employees to have workers' compensation, unemployment, and disability insurance. Some states also require additional insurance.

Is PPO commercial insurance?

Two of the most popular types of commercial health insurance plans are the preferred provider organization (PPO) and health maintenance organization (HMO). Most commercial insurance is provided as group-sponsored insurance, offered by an employer.

Is Blue Shield a commercial insurance?

Blue Shield is a tax-paying, nonprofit health plan that serves the state's commercial, individual, and government markets. The company has more than 4.3 million members and, in 2018, generated more than $20 billion in annual revenue.

What are commercial claims?

A "commercial claim" is an obligation incurred during the course of conducting a business which arises from goods sold or leased, services rendered, or monies loaned for use in the conduct of a business or profession. An "average" commercial claim may be defined for general purposes as $2,000.

Will my insurance go up if someone hits me?

Naturally, most injured victims that contact our firm want to know about the financial consequences of the collision. A common question that potential clients ask us when they call is whether their car insurance rates will increase as a result of the collision – even if they weren't at fault. The answer: no.

What if someone hits your car and drives off?

If someone hits your car and drives off, you need to gather as much evidence as possible. ... After you gather the evidence, provide it to the police and file a report. They will investigate the accident and attempt to find the other driver. Finally, contact your insurance company and report the accident.

Should I tell my insurance company about a minor accident?

Insurance Disclosure

But if the accident does not result in major damage or injuries, you might wonder, “Should I call my insurance company after a minor accident?” The short answer is yes — it is always a good idea to let your insurance company know when you have been involved in a collision.

Why is commercial insurance so expensive?

Commercial auto coverage typically is more expensive because you're at risk for higher liability and property damage claims when transporting people or goods for money. ... However, even if you are the only driver and your personal car is the only vehicle that needs coverage, commercial insurance can be worth the cost.

How does commercial vehicle insurance work?

How Does Commercial Auto Insurance Work? Commercial auto insurance covers vehicles used for business and the people who drive them. ... Your liability insurance will cover costs to pay damages on the claim up to the policy limit. You or your business will be responsible for any amount of damages above the limit.

What is the difference between business use and commercial use?

Business vs.

The most evident difference between business insurance and commercial auto policies involves how work-related vehicles are used are used. Business auto insurance covers vehicles used for trips through regular traffic, whereas commercial auto insurance covers specialized vehicles designed for specific jobs.

What is commercial damage insurance?

Commercial property insurance covers damage to your business property from things like theft, vandalism, and fire. Business interruption insurance, also known as business income insurance, can help offset a loss of income if your business has to close temporarily because of a catastrophic event, such as a fire.