100 Most Common Questions About Commercial Insurance

Fran
Fran Majidi
April 24, 2020
  1. What is commercial insurance?

Commercial insurance is designed to protect businesses, their owners and employees. Usually, a policy is written to cover a business against accidents, lawsuits and property damage. It is often called business insurance. Commercial insurance policies are customized to fit each business’s needs. Many businesses buy a business owners policy (BOP), which combines commercial property insurance, general liability insurance, crime insurance and other coverages into one bundled package with a cost savings. Other popular commercial insurance products include equipment breakdown insurance, business interruption insurance and cyber insurance. Surety bonds are purchased to ensure that contractors stay within the terms of their contract and relevant rules and regulations. It’s important to work with a knowledgeable agent when you compare commercial insurance quotes to buy the right commercial insurance products to protect your business.

  1. What is commercial health insurance?

Commercial health insurance is health insurance that is provided by private health insurance companies. It also sometimes refers to group health plans provided by employers. If you’re looking to buy group health insurance for your employees, enter your zip code here to begin a quote. 

  1. How much is commercial insurance?

Commercial insurance rates vary by industry, size, location and several other factors. However, for a policy limit of $1 million, the average cost of a general liability insurance policy ranges between $300 and $1,000 a year. Policies written for businesses with greater risk usually cost more. The median annual cost of commercial auto insurance is roughly $1700 a year.

  1. What does commercial general liability insurance cover?

General liability insurance covers a business for bodily injury, personal injury and property damage caused by a business or its products and services or if someone is injured on the business’s premises.

  1. How much is commercial auto insurance?

The median annual cost of commercial auto insurance is roughly $1700 a year. That’s about $140 a month.

  1. What is commercial auto insurance?

Commercial auto insurance provides liability and physical damage coverage for vehicles used for business purposes. 

  1. Do I need commercial auto insurance?

If you use your vehicle for business purposes, you probably need to buy commercial auto insurance. If you find yourself in an accident while driving to see a client, for instance, your personal auto insurance may not cover your losses. You do not need commercial auto insurance for commuting to and from work.

  1. Who is insured under a commercial auto policy?

Any person(s) listed in the declarations page of your commercial auto policy is covered and so is anyone given permissive use of the vehicle. Also covered is anyone who may be held responsible for an accident caused by a listed driver or a permissive-use driver.

  1. Do you need commercial insurance for Lyft or Uber?

Both Uber and Lyft provider drivers with $1 million in liability coverage while carrying passengers. You do not need commercial insurance if you work for a rideshare company, but you do need rideshare insurance, which covers you for a brief amount of time when your commercial insurance and your personal insurance do not cover you. 

  1. Does AAA have commercial insurance?

Yes, AAA offers small business solutions and commercial auto policies.

  1. Does commercial general liability insurance cover automobile liability?

If you’re in an accident in a commercial vehicle, or a vehicle used for business purposes, you are only covered by a commercial auto policy. General liability insurance protects you in claims such as third-party injuries, third-party property damage and advertising injury.

  1. How to insure a commercial vehicle

If you need commercial auto insurance, it’s important to compare commercial auto insurance quotes to get the best pricing for the best coverage.

  1. What does commercial flood insurance cover?

Commercial flood insurance is the only kind of coverage that would protect your business from the costs associated with flood damage. You can buy flood insurance through the National Flood Insurance Program.

  1. What is commercial package insurance?

A commercial package policy (CPP) is a business insurance policy that combines coverage for multiple perils instead of buying a separate policy for each risk. CPPs can include general liability, property, auto, crime, cyber among others. Unlike a BOP, a CPP can be customized according to a business’s needs.

  1. Does GEICO offer commercial auto insurance?

GEICO offers commercial auto insurance and so do many of the big insurance companies. To compare commercial auto insurance quotes enter your zipcode here

  1. How much does commercial car insurance cost?

The average cost for commercial auto insurance is about $900 to $1200 for a limit of $1 million.  The median annual cost of commercial car insurance is about $1,704. You may expect a discount for a fleet of commercial vehicles. 

  1. What does commercial property insurance cover?

Commercial property coverage covers the premises of the business, which is usually a building, and everything inside, such as equipment, furniture, computers, printers, exterior signs, fencing and landscaping, documents, supplies and others’ property. 

  1. What is commercial crime insurance?

Commercial crime insurance protects you against dishonest employees or third-party fraud. Most other commercial property insurance policies do not cover theft committed by employees. It also protects you from third-parties who commit forgery, theft, robbery, burglary or fraud.

  1. Does State Farm offer commercial insurance?

Yes, State Farm is one of many insurance companies that writes commercial lines insurance. To compare commercial insurance rates and start by entering a zip code for the business.

  1. How much does commercial liability insurance cost?

General liability insurance is much less expensive than many business owners anticipate it will be. The median cost for it is about $40 a month. Compare general liability insurance rates

  1. What is covered under commercial insurance?

Every business is different and there are different types of commercial insurance. Often, a reliable and trustworthy insurance agent will take the necessary steps to truly customize a plan to ensure that you never have a major setback, even when disaster strikes. Each insurer also offers different packages, sometimes lumping together commercial property insurance with general liability insurance. This makes perfect sense because each business has unique needs which depend on a specific industry. Commercial insurance was designed to protect not only a business but its owners and employees, who may be held responsible for costly damages. While there are variations on how different commercial policies are sold, the coverages remain the same. We’ve broken down the 5 main types of commercial insurance that most small and mid-size businesses need to have: commercial auto insurance, general liability insurance, commercial property insurance, workers compensation, and/or business owners property, which lumps some coverages together for a savings. 

  1. What is the average cost of commercial truck insurance?

The average monthly cost of commercial truck insurance is between $700 and $1,000 a month, but rates vary according to many factors, just as they do with personal car insurance. Compare commercial truck insurance rates here

  1. Does commercial general liability insurance cover theft?

It depends. If an employee steals cash, commercial crime would cover that and you’d be covered for property, merchandise and securities. Fidelity bonds are also sometimes used as a form of insurance to protec

t against financial loss from employee theft or fraud. Compare rates for a commercial crime policy now. 

  1. Does USAA sell commercial insurance?

Yes, USAA offers small business insurance policies and so do many other big companies. Compare commercial insurance rates before you buy. 

  1. How does commercial insurance work?

Business insurance protects a company’s financial assets, intellectual property, physical property and liability from a covered loss. There are many risks that a business is susceptible to, including fire, theft, lawsuits, property damage, injuries, loss of income and more. If your office is hit hard by a storm or a fire, for instance, there will be business interruption, against which you can be covered with the right business insurance plan.

There are many forms of business insurance but the most common ones are commercial liability, commercial property, commercial auto and workers’ compensation. Other coverages that are popular with small and mid-size businesses include business owner’s policy, business income insurance, commercial flood insurance, commercial umbrella insurance, data breach insurance, employment practices liability insurance, home-based business insurance, marine insurance, multinational insurance, professional liability insurance, risk engineering insurance, surety and fidelity bonds and management liability insurance.

  1. How much commercial property insurance do I need?

A good business insurance agent will customize a policy that fits the scope of what you do and the hazards you will face. Get multiple free business insurance quotes and be paired up with a trusted agent.

  1. How much more is commercial vehicle insurance?

Commercial vehicle insurance is more expensive than standard personal car insurance but the rates really vary from person to person. The average car insurance rate is about $129 a month versus $140 a month for commercial car insurance.

  1. Is commercial insurance tax deductible?

Yes, business insurance is a cost you you pay in conducting a trade or business so it is a tax deductible expense.

  1. What is commercial casualty insurance?

Commercial casualty insurance protects against loss of property, injury and damage to others. There are three main types of casualty insurance: vehicle insurance, flood insurance and liability insurance, which covers a majority of the types of losses incurred by a company. 

  1. Who needs commercial general liability insurance?

Most businesses need general liability insurance, which is the most essential type of business insurance you can have, regardless of the size of your company. A policy protects your business if your business is found to be at fault in an incident and someone is injured on the premises, an event that happens more often than you’d think.

Commercial liability insurance covers costs if a claim is filed against your business for bodily injury or property and advertising damage. If you do not have general liability insurance you would have to pay for your own defense.

Businesses prone to more risk and that need more coverage than a general liability policy provides include, but are not limited to: general contractors, IT contractors, advertising/marketing, real estate agents, retail shops, restaurants and more.

  1. Do pizza delivery drivers need commercial insurance?

Yes, a personal auto insurance policy only covers social, domestic and pleasure use. It also covers the commute to and from work. If you’re using a vehicle for business reasons, you will not be covered if you are in an accident. Compare commercial auto insurance quotes to get the best rates. 

  1. Do you need commercial insurance to drive Uber?

Both Uber and Lyft provider drivers with $1 million in liability coverage while carrying passengers. You do not need commercial insurance if you work for a rideshare company, but you do need rideshare insurance, which covers you for a brief amount of time when your commercial insurance and your personal insurance do not cover you. 

  1. How is commercial general liability insurance calculated?

Many factors affect your general liability rates, including the size and condition of your business premises, the type of business operations you run, your experience in the industry, the number of employees, the location of the business, the limits and deductibles you choose and specific features designed for your industry type. Also, your claims history will affect your rate greatly. To get the best rate, compare liability insurance quotes. 

  1. How much is commercial van insurance?

The average cost to insure a commercial van is between $800 and $1300. Your best bet is to compare commercial van insurance rates starting with your zip code. Your rate depends on many factors, your location being one of them and the number of claims you’ve filed in the past as a series of other factors.  

  1. How much is commercial auto insurance for Uber?

You do not need commercial auto insurance if you drive for Uber. You’re covered by them when you have a passenger in the car, but you are not for a brief period of time when you are also not covered by your personal auto insurance. You’ll need to buy rideshare insurance. Compare your auto quote in full including rideshare to see how much you can save on auto insurance

  1. Is commercial auto insurance cheaper than personal?

No, commercial auto insurance is usually about $50 to $100 more a month per vehicle, but much of the difference depends on several factors, including the use of the commercial vehicle and how much it’s worth. Compare rates to get the best deal.

  1. What does commercial umbrella insurance cover?

Commercial umbrella insurance extends liability coverage in case your primary liability policy doesn’t have high enough limits to cover a claim.

  1. What is commercial hazard insurance?

Commercial hazard insurance refers to the section of your business property insurance that protects the structure of the building you conduct business in.

  1. What is commercial inland marine insurance coverage?

Commercial inland Marine insurance covers property that is movable, transportable or involved in transferring information. The insurance may cover equipment, artwork and other physical assets. 

  1. What is commercial property insurance coverage?

Commercial property insurance is insurance coverage that protects the business from perils like theft or fire. Learn more about property insurance coverage and what else it covers.

  1. What is commercial van insurance?

Commercial auto insurance is for any vehicle, including a van, that is used for business purposes. The number of cars you’ll insure will impact your commercial van insurance. You can avoid paying astronomical rates if your employees have good driving records. If your employee has been in several accidents, it will negatively impact your commercial van insurance rates greatly. 

If you are using your business van or fleet to transport goods, it’s a wise idea to consider high limits for physical damage. Make sure the limit suffices. If it does not, discuss buying an business umbrella policy, which is inexpensive but will ensure that you are covered for damages.

  1. What is the best commercial truck insurance?

It all depends on what you consider most important. Is it overall service, best for claims filing? If you want the most affordable commercial truck insurance, you need to compare rates. 

  1. Are trailers covered under commercial auto insurance?

If you have a utility trailer used for business, you are covered by commercial auto insurance as an extension of the vehicle.

  1. Do you need commercial insurance for grubhub?

Yes, Grubhub does not cover its employees, so you need commercial auto insurance. Your personal auto insurance will not cover you if you have an accident during a delivery or returning home from a delivery. 

  1. Does USAA offer commercial vehicle insurance?

Yes, USAA offers small business insurance policies that include commercial vehicle insurance and so do many other big companies. Compare commercial insurance rates before you buy. 

  1. How much does commercial boat insurance cost?

Several factors dictate your commercial boat insurance rate, including the value of the boat, the length and age of the boat, the type of vessel, the type and horsepower of the engine(s), mooring location, intended area of navigation, claims history of the owner or navigator and its intended use. 

  1. How much does commercial car insurance cost?

The average cost for commercial auto insurance is about $900 to $1200 for a limit of $1 million.  The median annual cost of commercial car insurance is about $1,704. You may expect a discount for a fleet of commercial vehicles. 

  1. How much does commercial flood insurance cost?

A business’ location, its proximity to bodies of water and flooding history determine flood insurance rates. If your business is in a flood zone, you can on average pay about $5000 a year for every $250,000/$100,000 coverage for building/contents. 

  1. How much does it cost to insure a commercial building?

On average, you pay between $1000 and $3000 per $1 million of property insurance coverage. The average annual rate is $735. Many factors affect your rate, that’s why it’s important to compare commercial building insurance

  1. Is arson covered by commercial insurance?

Arson is typically never covered by any type of insurance. Fires are typically covered in a BOP policy. Also covered are attached and detached structures as well as the contents of the building, including equipment, furniture and supplies. Some BOPs even pay for operating expenses if business is interrupted. 

  1. Is public liability insurance the same as commercial general liability?

Commercial general liability is more extensive than public liability insurance, which includes injuries, accidents and property loss suffered by members of the public on business premises. Commercial general liability costs more but offers much more coverage. Commercial liability insurance covers costs if a claim is filed against your business for bodily injury or property and advertising damage. If you do not have general liability insurance you would have to pay for your own defense. If your business or services are found to be negligent, professional liability insurance, not commercial general liability insurance, would cover your business. To compare rates for these types of commercial coverage, visit here

  1. Is theft covered under commercial property insurance?

Yes, if the physical assets of your business are stolen, you are covered by commercial property insurance. 

  1. What are the types of commercial insurance?

Commercial Auto Insurance:
General Liability
Commercial Property
Worker’s Compensation
Business Owners Property (BOP)
There are also other coverages, depending on your line of business. To start a quote process for multiple rate offers, visit here.

  1. What is commercial specialty insurance?

    Specialty insurance is for special, unusual or difficult insurance needs or for higher risk ventures. Speak with a knowledgeable agent and compare commercial specialty insurance rates now. 

  2. What is A One commercial insurance?

A-One commercial insurance is one of many insurance companies that provide commercial insurance to businesses. Compare commercial insurance rates now

  1. Do commercial tenants pay building insurance?

Most commercial leases require the landlord and tenants to carry insurance to cover the building and property of the parties in the lease. This is called the insurance clause in the lease. To compare rates, visit here.

  1. Can I insure a commercial vehicle privately?

A personal auto insurance policy will only cover a commute to work and back. Otherwise you need commercial auto insurance

  1. Do realtors need commercial auto insurance?

Yes real estate professionals should have commercial auto insurance for auto liability, medical bills, uninsured motorist, physical damage and collision coverage. Compare commercial auto insurance rates here

  1. Does Allstate offer commercial insurance?

Allstate offers both business insurance and business auto insurance. They are one of many big insurers offering competitive rates. Compare free business insurance quotes.

  1. Does commercial auto insurance cover personal use?

Yes, commercial auto insurance covers personal use but personal auto insurance does not cover commercial use. 

  1. Does commercial auto insurance cover rental cars?

If you have hired car physical damage, you should be covered if you were in a car accident in a rental car, but only if you were using the rental car for work reasons. Check your policy with a trusted agent to make sure rental car damage listed on your policy. Visit here if you need a new commercial auto insurance policy or want to see what rates are available. 

  1. Does commercial general liability insurance cover negligence?

Professional liability insurance covers negligence and errors. 

  1. Does commercial general liability insurance cover property damage?

Yes, damage claims against your business are covered by commercial general liability coverage. However, if you have damage to your property, you’d need either a business personal property policy or business property insurance. To compare rates for these products shop for commercial insurance here

  1. How much is small business insurance?

Commercial insurance rates vary by industry, size, location and several other factors. However, for a policy limit of $1 million, the average cost of a general liability insurance policy ranges between $300 and $1,000 a year. Policies written for businesses with greater risk usually cost more. The median annual cost of commercial auto insurance is roughly $1700 a year.

  1. How to get business insurance

Compare business insurance quotes here

  1. Do I need business insurance?

Business insurance protects a company’s financial assets, intellectual property, physical property and liability from a covered loss. There are many risks that a business is susceptible to, including fire, theft, lawsuits, property damage, injuries, loss of income and more. If your office is hit hard by a storm or a fire, for instance, there will be business interruption, against which you can be covered with the right business insurance plan.

  1. Do small businesses have to provide health insurance?

No, small businesses with fewer than 50 full-time employees are not subject to the employer mandate which is a fine that is paid on a tax filing. If the business has more than 50 employees, health coverage should pay at least 50% of the annual premiums. 

  1. What is business liability insurance?

As the name of the product “general liability insurance” suggests this form of insurance protects you and the client if you cause any damage, whether it be bodily damage or damage to the client’s or other’s property. Most employers require general liability business insurance and in some fields of work, it’s required by law. For instance, if you are a contractor in the construction industry, you’ll be required to have general liability business insurance for contractors even if your employer doesn’t ask for your general release of liability form.

General liability also protects your client if your work somehow causes any damage to a third party. For instance, let’s say that you did some contract work to an office building and there was an accident that is being blamed on the way you did the floors. If you have general liability insurance your client and you will be protected if anyone takes legal action. It’s also important to note that your defense bills will also be covered by this type of coverage.

You are also protected if, say, you’re a carpenter doing work at an office building. While on the job, if you drop something on the Xerox machine and break it, you’d be covered for repair or replacement if you carry general liability insurance.

  1. What is business interruption insurance?

If something were to occur to make the business premises uninhabitable for business operations, this protection would cover the loss of income. Your income would be reimbursed if the office was damaged due to fire, flood (if you have the appropriate insurance for flooding), or if your work equipment is vandalized or stolen.

Business interruption insurance, or BII, can be bought separately from a BOP policy but it’ll cost more. BII isn’t just lost income insurance, either. In the event of a covered catastrophe BII may help pay mortgages and leases, taxes, relocation costs (this is especially important if this determines whether or not a business can get back on track), payroll costs and more.

It’s a good idea to calculate your business’s projected income when you buy a policy. You’ll want to project for the year and then break it down by month. Come up with a figure for how long it would take you to get back on your feet if your business could not function for a week or a month. You’ll need to have an insurance professional appraise your losses if that ever happens but it’s good for you to buy coverage for the right amount before the unthinkable does occur. Remember to include incomes and salaries in these figures.

  1. What is general liability business insurance?

General liability insurance is the most essential type of business insurance you can have, regardless of the size of your company. A policy protects your business if your business is found to be at fault in an incident and someone is injured on the premises, an event that happens more often than you’d think.

Commercial liability insurance covers costs if a claim is filed against your business for bodily injury or property and advertising damage. If you do not have general liability insurance you would have to pay for your own defense. If your business or services are found to be negligent, professional liability insurance, not commercial general liability insurance, would cover your business.

If you run a business in a particularly risky industry, it’s important that you have general liability insurance. The riskier your business is, the more expensive it will be, but you’ll likely need the added protection.

Your location will also affect your insurance rate, depending on how populated the area is, which raises the chances of bodily injury claims being filed. The more people you hire, the more you’ll pay, and your annual revenue will also affect the rate you pay for general liability insurance.

Keep in mind that if you use vehicles to transport people, goods or employees, you’ll need additional insurance (business auto insurance) to protect you in the event that someone is hurt or if your work-related vehicle breaks down or is involved in an accident. Endorsements are coverages you can add onto your commercial general liability insurance to suit your business needs and exposures. Businesses prone to more risk and that need more coverage than a general liability policy provides include, but are not limited to: general contractors, IT contractors, advertising/marketing, real estate agents, retail shops, restaurants and more.

Also note that if an employee is injured, the event would not be covered by general liability insurance. It would be covered by workers’ compensation insurance. Accidents and injuries resulting from the use of company automobiles would be covered under commercial auto insurance not general liability insurance.

  1. Can a small business owner deduct health insurance premiums?

As a self-employed business owner, the insured can deduct the cost of health insurance for themself, spouse and children under the age 27 at the end of the tax year. 

  1. Can you write off car insurance as a business expense?

We’ve compiled a list of ways you may be able to deduct your car or car expenses on your taxes. We also have some frequently asked questions about your car and taxes.

  1. How much does 1 million dollars of business insurance cost?

Commercial insurance rates vary by industry, size, location and several other factors. However, for a policy limit of $1 million, the average cost of a general liability insurance policy ranges between $300 and $1,000 a year. Policies written for businesses with greater risk usually cost more. The median annual cost of commercial auto insurance is roughly $1700 a year.

  1. How to get your business bonded and insured

First figure out if you need a surety or fidelity bond. Surety bonds are required by a third party (usually the government). Then, compare insurance quotes here

  1. Is life insurance a deductible business expense?

Yes life insurance premiums are deductible as a business-related expense if the insured is an employee or officer of the company. However, the company cannot be a beneficiary of the policy. If you’re planning to use your life insurance as a business legacy you cannot deduct taxes on it. 

  1. Does business insurance cover legal fees?

Your general liability insurance may cover legal fees. Directors and officers liability insurance also protects individuals from losses if they are sued as a result of being a director or officer in a business organization. 

  1. How to choose business insurance

The best way to buy the right business insurance plan is to consult with an experience agent who knows business insurance and the specific risks in your industry. Get a free business insurance quote

  1. What is umbrella insurance for business?

Commercial umbrella insurance adds more liability coverage to your existing commercial insurance. It increases limits.

  1. What kind of insurance do I need for a landscaping business?

Typically landscaping businesses need general liability, commercial property, business auto and workers compensation or they have a business owner’s policy (BOP) which bundles general liability and commercial property insurance for a savings. 

  1. Does business insurance cover flood damage?

If you have a commercial flood policy you are covered. Your standard commercial property insurance policy does not cover flooding. 

  1. Does business insurance cover robbery?

If you are robbed by an employee, commercial crime coverage is what would cover you. Commercial property insurance is insurance coverage that protects the business from perils like theft or fire.

  1. How much is insurance for a small cleaning business?

A small cleaning business usually pay anywhere between $350 and $800 per year for general liability insurance or they bundle the coverages they need in a business owner’s policy (BOP), which has a savings component. It’s important to compare commercial insurance quotes to make sure you’re not paying too much for coverage. 

  1. How much is insurance for a painting business?

What you pay depends on the size of your painting business and how many people you employ. If you’re small to medium-sized, general liability coverage will be somewhere between $400 and $1000 or more a year. You’ll also need workers compensation, which costs approximately $9 for each $100 of employees’ wages. Commercial auto will range between $800 and $2000 a year. 

  1. How much is insurance for a handyman business?

A typical handyman business owner can expect to pay between $40 and $85 a month for handyman liability insurance. Your rate will depend on your location, the services you offer, how much business you have and other factors that determine risk. 

  1. How to calculate business income for insurance

First, calculate your total revenue and subtract your business expenses and operating costs. Next, deduct taxes. This is your business’s net income, which is the same thing as your business income. 

  1. Is commercial auto insurance expensive?

No, commercial auto insurance is usually about $50 to $100 more a month per vehicle, but much of the difference depends on several factors, including the use of the commercial vehicle and how much it’s worth. Compare rates to get the best deal.

  1. What do I need for business insurance?

The most common and important cover is general liability insurance, which protects your business from bodily injury and property damage. Depending on the type of business you own, you may also need professional liability to cover lawsuits due to errors and omissions. It’s a good idea to consider business interruption coverage, or a BOP which bundles several coverages for a savings. If you have employees, note that workers compensation is required. Compare business insurance rates and speak with a knowledgeable agent about your needs. 

  1. How much is it to insure a small business?

Commercial insurance rates vary by industry, size, location and several other factors. However, for a policy limit of $1 million, the average cost of a general liability insurance policy ranges between $300 and $1,000 a year. Policies written for businesses with greater risk usually cost more. The median annual cost of commercial auto insurance is roughly $1700 a year.

  1. What does business travel accident insurance cover?

If you travel for business reasons, it’s a good idea to get travel insurance, which protects employees who travel on business domestically or internationally. Flight accident insurance provides coverage against any accident while on a commercial flight during the coverage period. It does not include non-commercial flights. 

  1. What insurance do I need to start a business?

The type of insurance you need depends on the types of risk you need to mitigate. There are 5 common types of business insurance. To compare rates and speak to an agent, enter your zip code here

  1. What is class 1 business insurance for cars?

Class 1 business car insurance covers you while you drive between multiple places of work or travel to meet clients. Sometimes, a spouse is covered as well. This type of insurance is not meant for deliveries or door-to-door sales.

  1. Do online businesses need insurance?

Online businesses need insurance. E-commerce companies need insurance. Like any other business, you’d need to buy general liability insurance or a business owner’s policy which bundles a few coverages. You would also need workers compensation if you have employees. If this is a home-based business, you still need business insurance

  1. Does my business need workers comp insurance?

In most states, if you have employees, you need workers comp insurance. Workers compensation laws vary by state.

  1. What is business owners policy insurance?

A business owners policy, or BOP, combines liability insurance with property insurance and business interruption insurance into one package, which is widely sold by many insurance agents who handle commercial sales. Compare business owners policy rates before you buy. 

  1. Can I claim income protection insurance as a business expense?

An executive income protection policy is a business expense that can be deducted from the company’s taxes. 

  1. Which types of business insurance are needed for general contracting?

In most states, general contractors are required to carry liability insurance and workers compensation insurance. Other coverages that general contractors often buy is commercial property insurance, mobile equipment insurance, installation floater insurance, commercial auto insurance, professional liability insurance and builder’s risk insurance.

  1. Who has the cheapest general liability insurance for small business?

Compare general liability insurance rates to get the best rate. Consider a business owner policy to combine general liability with commercial property insurance for a discounted rate. 

  1. How to make a business insurance claim

Take photographs. You must also report the incident to law enforcement. Your insurance agent will explain the claim submission process, which varies for each insurance company. You’ll also need to contact professionals to assess the damage and give you estimates for repairs. You may want to hire an attorney to help you prepare a claims package for the insurer.

  1. Do I need business insurance to claim mileage?

If you use your car for business purposes, hopefully you have business auto insurance. You are entitled to a vehicle tax deduction. You can either claim the mileage you drive for business at an IRS specified rate or claim expenses, including your commercial car insurance, as a business expense. 

  1. Can you claim life insurance as a business expense?

Yes, life insurance premiums are a business-related expense if the insured is an employee or office of the company and the company is not a direct or indirect beneficiary of the policy. 


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