{"id":1057,"date":"2019-05-06T16:37:15","date_gmt":"2019-05-06T22:37:15","guid":{"rendered":"https:\/\/www.insuringky.com\/blog\/?p=1057"},"modified":"2023-12-05T13:19:26","modified_gmt":"2023-12-05T19:19:26","slug":"commercial-insurance","status":"publish","type":"post","link":"https:\/\/www.insuringky.com\/blog\/commercial-insurance\/","title":{"rendered":"Commercial Insurance"},"content":{"rendered":"\n


Commercial insurance is defined as:<\/strong><\/h4>\n\n\n
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Define Commercial Insurance<\/figcaption><\/figure>\n<\/div>\n\n\n

The definition of business insurance will likely vary depending on who you ask. The explanation may even change depending on how you ask it. It goes by a lot of names. You may hear it called many things. Business insurance, commercial business insurance or property & casualty commercial insurance.<\/p>\n\n\n\n

TruePoint insurance defines commercial insurance as:<\/strong> <\/p>\n\n\n\n

Insurance coverage for businesses that provides protection against a broad range of P&C claims. The term commercial insurance is used to describe several insurance policies. To determine which you need, you should, first, determine the risk faced by your company. A commercial insurance policy should also provide defense cost in the event of a lawsuit. This protection should be available regardless of the legal merit of the case.<\/p>\n\n\n

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we are insuringky.com<\/figcaption><\/figure>\n<\/div>\n\n\n

What should your Business Insurance Policy look like?<\/strong><\/h4>\n\n\n\n

We stated the definition of commercial insurance might change. The truth is, it will change. The answer will vary based on who you ask, and maybe how you ask. Who you are will also alter the definition\u2026\u2026\u2026 What type of business do you own? Do you have employees? Do you use vehicles in your business? Do you own buildings or other property? Do you need commercial insurance?<\/a> These questions are just the beginning of defining your unique commercial insurance needs.<\/a> <\/p>\n\n\n\n

Property and Casualty Insurance<\/h4>\n\n\n\n

The term commercial insurance policy defines a vast range of coverages. Each offers a vehicle that provides specific protection to your business. <\/p>\n\n\n\n

We can start by breaking insurance into one of three categories, Property, Casualty or both. The property will relate to (buildings, furniture, inventories, vehicles, and equipment.) The Casualty coverages protect against liability claims. Coverages include General Liability, Workers Compensation, Professional Liability, and many others. Most small businesses will find the third option most attractive. A Business Owners Policy or a BOP. <\/p>\n\n\n\n

The benefit of the BOP is that it packages the general liability and commercial property. The packaging allows for more efficient and effective coverages. As it relates to Kentucky Business Insurance, BOP’s provide more coverage at less cost.<\/p>\n\n\n\n

Knowing the coverages you need is more than half the battle <\/strong><\/h4>\n\n\n\n

Business insurance is written in five major coverage lines. These lines are identified and briefly described below:<\/p>\n\n\n\n

Commercial General Liability Insurance (or CGL)<\/strong> Protects when actions of the insured or an employee lead to property damage or bodily <\/p>\n\n\n\n

injury of another. The policy should also provide coverage in the event the business must defend itself in a court of law. <\/p>\n\n\n\n

Commercial Property Insurance<\/strong> The primary target of this coverage is owned and possibly leased buildings. In this section, you will also find coverages for the business personal property. This includes furniture, inventory, tools, some equipment and more. <\/p>\n\n\n\n

Commercial Auto<\/strong> Often referred to a Business Auto it covers vehicles that are owned or leased by the company. As a personal auto policy does, the Commercial starts as liability coverage. Comprehensive and collision coverages can be added, as well as other additional items. A good example of a valuable add-on is a coverage know as hired or non-owned. It provides protection to an employee or volunteer autos during work-related activities.<\/p>\n\n\n\n

Inland Marine Insurance <\/strong> One use is equipment or mobile equipment operated off-site known as commercial floaters. There are many more coverages that fall into this section. <\/p>\n\n\n\n

Workers Compensation <\/strong> used to provide financial remuneration to employees injured while performing work-related activities. <\/p>\n\n\n\n

There are many more coverages, most of which fall under one or more of the primary lines above. A few examples include:<\/p>\n\n\n\n