As the name suggests, commercial insurance protects businesses, including business owners and their employees. Because every business is different, there is no one-size-fits-all insurance policy for small business owners.

For instance, an ice cream shop has very different insurance needs than an auto repair shop or a golf course. That’s why many small businesses opt for a business owners policy (BOP), which combines commercial property insurance, general liability insurance, crime insurance and other coverages into one convenient package.

Business owners also have the option to choose coverage based on their industry.

Commercial insurance definition
Put quite simply, commercial insurance consists of one or more types of coverage designed to protect businesses, their owners and their employees. Many business insurance policies include basic coverages such as property, liability, crime and commercial auto insurance, as well as other optional insurance, such as business interruption insurance, equipment breakdown insurance, and workers compensation. Add Cyber Insurance Employee benefits such as dental, vision, disability and group life insurance also fall under commercial insurance, as do surety bonds which help ensure that contractors stick to the terms of a construction contract and/or follow governmental rules and regulations, as well as protect against losses stemming from a court decision or employee theft.

Commercial insurance FAQs
When it comes to choosing insurance, most business owners want to know what insurance they need and how much it will cost. As we’ve already discussed, one of the biggest factors in determining what insurance coverage is needed depends on the business type. Other important considerations include:

• Location
• Number of employees
• Years in business
• Gross annual revenue
• Whether the business owns or rents vehicles
• Whether the business owns, leases or rents the building(s) they operate from

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