Come across the term but not sure what it means? Get commercial insurance explained.
Recently, we’ve been clarifying some tricky insurance terms, consequential loss and third party liability insurance two of the topics we’ve tackled so far. Today we’re focusing on commercial insurance - a term used across the insurance industry - so what is commercial insurance exactly? And how can it protect you?
First things first, let’s start with a definition.
Plain and simply, commercial insurance is insurance that protects businesses. It covers businesses against losses, arising from things like damage to property or injury to employees, and is a term commonly used to label core business insurance covers like public liability and employers’ liability.
Commercial insurance comes in many forms, and what you’ll need will depend upon your business. Your typical tradesmen would probably need more commercial insurance cover than a professional writer, for instance, because risks vary from business to business and for some, they’re likely to be bigger.
That said, public liability and professional indemnity are wise covers for the bulk of businesses, whilst employers’ liability is an essential cover for any business with one member of staff or more. A legal requirement, if you don’t put it in place you could be breaking the law.
In addition to the likes of public liability, employers’ liability and professional indemnity, there’s also a range of more specialist commercial insurance covers built to protect businesses. These include but aren’t exclusive to:
All these covers are available through Simply Business, and you can compare and buy in minutes. Just click on the start your quote button below to go straight to our quote form.
Hopefully that’s helped explain commercial insurance for you. However, If you do still have any questions, post them in the comments section below.
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