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Your business is your livelihood so it’s important to understand how to safeguard it from potential threats. Buying commercial coverage can be challenging, so SmartFinancial has compiled informative blog articles to help you navigate all the risks involved in running a business. SmartFinancial can also match you with an insurance agent in your area who understands your business and can offer the best rates on the market. See which types of commercial coverage you need today.

The Basics of Commercial Insurance

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Featured Guide

What Is Commercial Insurance?

Commercial insurance provides coverage for businesses against the financial consequences of unexpected events, including property damage and liability. Learn about the different types of coverage available.

Key Terms to Know

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Premium

A premium is a monthly payment you must make in order to keep your commercial insurance policy active.

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Deductible

ou are responsible to pay a share towards covered repairs and losses. You choose the deductible when you buy a policy.

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Policy Limit

A policy limit is based on how much insurance you buy. You are responsible to pay the remaining balance if you reach limits.

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Exclusions

Not everything is covered, so make sure to ask about exclusions and see if there are any riders to cover those exclusions.

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Claim

When you file a claim, you are asking the insurance company to help you pay for a loss. Only losses due to covered perils are eligible for claim settlements.

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Bodily Injury

With a general liability insurance policy, you are covered for bodily injuries if someone is hurt at your place of business.

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Cyberattacks and data breaches

Cyber insurance is essential to safely running a business and will cover data breaches and other security issues.

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Property damage

Whether you own the building or simply own business equipment, you’ll need personal property coverage.

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Commercial Auto Insurance

Your personal auto insurance is not suitable for a company car or fleet. You’ll need commercial auto insurance in order to be covered for losses.

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Equipment Breakdown Insurance

Without equipment breakdown insurance, you’ll have to pay for repairs in full if your business equipment breaks down.

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Workers Compensation Insurance

In every state, workers compensation insurance is legally required for any business with at least one employee other than the owner.

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Cyber Liability Insurance

In the event of a data breach or other cyber attack, cyber liability insurance helps cover the cost of safely restoring your operations.

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Business Owners Policy (BOP) Insurance

Many small and medium size businesses buy a BOP policy, which bundles the most essential types of commercial insurance.

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Business Interruption Insurance

If your business is forced to shut down due to a covered peril, business interruption insurance will help you cover losses.

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Frequently Asked Questions

What's the difference between commercial insurance and regular insurance?

Personal insurance does not cover losses to a business. For instance, if you use a car for business purposes and have an accident, a personal car insurance policy may not cover your loss. Also, businesses have special risks that must be covered, some required by law, like workers compensation, if you employ one or more people.

Is commercial insurance more than personal?

How much you pay for commercial insurance depends on the type of business you own. A larger company will pay more in premiums than a small business and a high-risk business will pay more too. For instance, a daycare center will have different risks than a church.

What are the 3 most common insurance needs that all businesses must have?

Workers compensation is required by law even if you only employ one person. General liability coverage is essential for most businesses and covers personal property and bodily injury losses. A commercial auto insurance policy is also essential if you use your car for business purposes other than a daily commute.

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