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Insurance Term of the Day: Commercial Insurance

You hear about insurance almost everyday. Insurance affects our lives more than you know. When you go out to eat, the restaurant is insured. When you go to a doctor or to the grocery store, every business you visit must have insurance. Typically, when referring to insurance, you may think of what’s known as “personal insurance,” which includes auto, home, motorcycle, RV, health, etc. Commercial insurance is a whole different ball-game that you may not have even thought about before.

There are many layers to commercial insurance that would take a book thicker than an encyclopedia to explain it. However, in summary, commercial insurance is insurance for businesses that provide a service or a product. The business could be held liable for injuries and/or damages to consumers. Coverage is also for things like theft and property damage.

What are some common types of commercial insurance? 

  1. First and foremost, property insurance. Business owners need this coverage to protect their business building and business personal property in case of a loss. If there is an unexpected fire or other damage, this coverage provides the protection needed.
  2. Builder’s risk insurance. This coverage is to protect buildings while in the process of being constructed.
  3. Mechanical breakdown coverage. This coverage provides protection for the accidental breakdown of equipment and machinery. Intentional damage is not covered.
  4. Crime insurance. The purpose of crime insurance is to provide protection from theft and burglary on the property. This includes money, up to a specific amount.
  5. Business interruption insurance. If there is any lost income or other expenses, business interruption helps recover the lost money. Salaries and net profits can be replenished after having to close the business due to property damage.
  6. Inland marine insurance. When property is in transit, off premises in storage, or between locations, it is covered by this coverage.
  7. Debris removal coverage. Any debris on the property as a result of a fire, windstorm, etc. is covered with this coverage.

There is so much more to commercial insurance. If you are a business owner, you know that this is just the tip of the iceberg.

By: KayLynn P.

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Phone: (720) 257-7103​
Fax: (303) 270-5449​
Email: 4ginsurance@gmail.com​

Location:
11859 Pecos St
#202
Westminster, CO 80234​

Agency Hours:
Weekdays: 9:00am - 5:00pm

We're proud to represent great insurance carriers like:

NationWide
Progressive
The Hartford
Travelers
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