Commercial insurance refers to insurance coverage intended for businesses rather than individuals. Business insurance is also called business insurance. Business insurance covers losses related to unexpected events, such as lawsuits, accidents or natural disasters, among others. General liability insurance is sometimes referred to as “commercial liability insurance” or “commercial general liability insurance”.
You may need additional types of liability insurance for your small business to cover gaps in coverage. Whether you're taking out general liability insurance as a standalone policy or as part of a BOP, you'll want to compare commercial insurance quotes from several insurance companies. You should talk to your insurance agent or broker about your specific business risks and the types of insurance available. General liability insurance covers your small business against significant lawsuits, such as accidental injuries to others, and reputational damage claims.
General liability insurance is a type of small business insurance that covers your business in the event of accidental injuries and property damage caused to other people. Or you could be sued for causing harm to another company's reputation because of something you or your employee said. Without business liability insurance, your LLC would have to pay the high costs of legal defense, judgments and settlements. These types of liability claims are common, so you'll want to keep your business protected with appropriate insurance.
A good way to do this is to buy BOP, which combines general liability insurance with commercial property insurance and business interruption insurance. All-risk policies generally cover the risks faced by the average small business, while risk-specific policies are usually taken out when there is a high risk of danger in a given area. You may want to add more types of coverage to cover other types of risks, such as fire, theft, vandalism, and loss of business income. A good way to extend your business liability insurance is to purchase a commercial supplemental insurance policy.
The law doesn't require business liability insurance, but if you don't take out coverage, your company will be exposed to a wide variety of costs that could lead to bankruptcy. A policy for business owners is a convenient and cost-effective way to combine general liability insurance and business property insurance. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company.
