Business insurance education and guidance
Learn about common commercial insurance coverages, understand what may affect pricing, and request help comparing business insurance options.
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Understanding the basics
Business insurance is a group of policies designed to help protect a company from certain property, liability, employee, vehicle, professional, cyber, and income-related risks.
The appropriate coverage depends on the business type, operations, ownership, property, employees, contracts, customers, vehicles, and services provided.
Common business coverages
Different business insurance policies address different types of property, liability, professional, employee, and financial risks.
May help protect a business from certain claims involving bodily injury, property damage, and personal or advertising injury.
May help repair or replace covered business property after certain losses.
Combines certain common business coverages into one policy for eligible small businesses.
May help protect certain professionals from eligible claims involving mistakes, negligence, or failure to provide services as promised.
What affects your premium?
Commercial insurance carriers use business classifications, operations, payroll, revenue, location, limits, and claims history when reviewing coverage.
The products, services, operations, and risks associated with the business can affect eligibility and pricing.
Property values, weather, crime, fire protection, and local claim patterns may affect the premium.
Annual payroll, sales, revenue, and business size may be used to determine exposure and pricing.
The number of employees and the work they perform may affect coverage requirements and premium.
Higher liability, property, and other coverage limits generally increase the premium.
Previous insurance claims, losses, cancellations, and coverage history may affect underwriting.
The insurance process
Complete and accurate business information helps carriers evaluate risks, eligibility, coverage, and pricing.
Gather information about the company, ownership, services, products, locations, employees, and operations.
Review liability, property, employee, vehicle, cyber, professional, and income-related risks.
Compare policy limits, deductibles, exclusions, endorsements, carrier requirements, and premiums.
Provide accurate business information, submit required documents and payment, and confirm the effective date.
Frequently asked questions
These answers provide general education. Policy documents, contracts, laws, and carrier decisions control actual requirements and coverage.
Some business coverages may be required by state law, contracts, landlords, lenders, clients, or licensing rules. Requirements depend on the business and location.
A business owners policy, commonly called a BOP, usually combines general liability and commercial property coverage for eligible small businesses.
General liability usually does not cover employee work-related injuries. Workers compensation insurance may be required or appropriate.
General liability may not cover professional errors or advice. Professional liability or errors and omissions coverage may be needed.
Personal auto policies may exclude or limit some business use. Commercial auto coverage may be required for vehicles used primarily for business.
Business income or interruption coverage may help replace certain lost income and continuing expenses after a covered property loss, subject to policy terms.
Business insurance products, eligibility, classifications, coverage limits, deductibles, exclusions, endorsements, inspections, audits, and pricing vary by carrier, state, industry, operations, payroll, revenue, location, claims history, and selected coverage.
A general liability or business owners policy may not include workers compensation, commercial auto, professional liability, cyber liability, employment practices liability, flood, earthquake, or other specialized protection. Separate policies or endorsements may be needed.
A quote is not a guarantee of final premium, policy issuance, or compliance with legal or contractual requirements. Coverage is not effective until the carrier accepts the application, receives required documents and payment, and confirms the effective date.
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