Commercial Insurance
Protects businesses from losses caused by unexpected events.
Our Blog
All you wanted to know about the insurance, but were embarrassed to ask
Commercial insurance, also known as business insurance, protects businesses from losses due to unexpected events during normal business operations, such as lawsuits, natural disasters, or accidents. There are many types of commercial insurance for businesses, including coverage for property damage, legal liability, and employee-related risks, among others.
Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment.
Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment.
- Many commercial insurance policies can be tailored with endorsements or riders to cover specific risks (e.g., flood coverage for commercial property or equipment breakdown for BOP).
- Some types, like workers’ compensation, are mandatory in many U.S. states (e.g., Illinois) for businesses with employees.
Commercial insurance, also known as business insurance, protects businesses from losses due to unexpected events during normal business operations, such as lawsuits, natural disasters, or accidents. There are many types of commercial insurance for businesses, including coverage for property damage, legal liability, and employee-related risks, among others.
Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment.
Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment.
- Many commercial insurance policies can be tailored with endorsements or riders to cover specific risks (e.g., flood coverage for commercial property or equipment breakdown for BOP).
- Some types, like workers’ compensation, are mandatory in many U.S. states (e.g., Illinois) for businesses with employees.
Types of Commercial Insurance
As commercial insurance act as a financial guarantee that a business will fulfill its obligations. Learn more...
Coverage: Protects businesses from claims of bodily injury, property damage, or personal/advertising injury (e.g., slander, false advertising) caused to third parties. Covers legal fees, settlements, and medical costs.
Suitable for: All businesses, especially those interacting with clients or the public (e.g., retail, contractors).
Example: A customer slips and falls in your store, and you’re sued for medical expenses.
Suitable for: All businesses, especially those interacting with clients or the public (e.g., retail, contractors).
Example: A customer slips and falls in your store, and you’re sued for medical expenses.
Coverage: Covers damage to business-owned property (buildings, equipment, inventory) from perils like fire, theft, vandalism, or windstorms. May include business interruption coverage for lost income during repairs.
Suitable for: Businesses with physical assets (e.g., offices, warehouses, retail stores).
Example: A fire damages your office equipment and inventory.
Suitable for: Businesses with physical assets (e.g., offices, warehouses, retail stores).
Example: A fire damages your office equipment and inventory.
Coverage: Combines general liability and commercial property insurance into one package, often with additional coverages like business interruption or equipment breakdown. Tailored for small to medium-sized businesses.
Suitable for: Small businesses with moderate risk (e.g., restaurants, small retail, offices).
Example: A storm damages your shop and halts operations, with BOP covering repairs and lost income.
Suitable for: Small businesses with moderate risk (e.g., restaurants, small retail, offices).
Example: A storm damages your shop and halts operations, with BOP covering repairs and lost income.
Coverage: Covers medical expenses, lost wages, and rehabilitation for employees injured or ill due to work-related incidents. Also protects employers from lawsuits related to workplace injuries.
Suitable for: Any business with employees (often legally required).
Example: An employee is injured while operating machinery and needs medical care.
Suitable for: Any business with employees (often legally required).
Example: An employee is injured while operating machinery and needs medical care.
Coverage: Protects against claims of negligence, errors, or failure to deliver professional services, covering legal defense and damages.
Suitable for: Service-based businesses (e.g., consultants, accountants, lawyers, architects).
Example: A client sues a consultant for financial loss due to faulty advice.
Suitable for: Service-based businesses (e.g., consultants, accountants, lawyers, architects).
Example: A client sues a consultant for financial loss due to faulty advice.
Coverage: Covers vehicles used for business purposes (e.g., delivery vans, company cars) against accidents, theft, or damage. Includes liability for injuries or property damage caused by business vehicles.
Suitable for: Businesses with fleets or employees driving for work.
Example: A company delivery truck causes an accident, damaging another vehicle.
Suitable for: Businesses with fleets or employees driving for work.
Example: A company delivery truck causes an accident, damaging another vehicle.
Coverage: Protects against losses from data breaches, cyberattacks, or ransomware, covering costs like customer notification, legal fees, and data recovery.
Suitable for: Businesses handling sensitive data (e.g., e-commerce, healthcare, tech).
Example: A hacker steals customer data, requiring breach response and legal support.
Suitable for: Businesses handling sensitive data (e.g., e-commerce, healthcare, tech).
Example: A hacker steals customer data, requiring breach response and legal support.
Coverage: Protects company leaders from personal financial losses due to lawsuits alleging mismanagement, fraud, or wrongful acts in their roles. Covers legal fees and settlements.
Suitable for: Corporations, nonprofits, or startups with boards or executives.
Example: Shareholders sue a CEO for decisions leading to financial loss.
Suitable for: Corporations, nonprofits, or startups with boards or executives.
Example: Shareholders sue a CEO for decisions leading to financial loss.
Coverage: Covers claims related to injuries or damages caused by defective products sold or manufactured by the business.
Suitable for: Manufacturers, distributors, or retailers of physical products.
Example: A faulty appliance causes injury, leading to a lawsuit.
Suitable for: Manufacturers, distributors, or retailers of physical products.
Example: A faulty appliance causes injury, leading to a lawsuit.
Coverage: Provides additional liability coverage beyond the limits of other policies (e.g., general liability, auto). Acts as a safety net for large claims.
Suitable for: Businesses needing extra protection against catastrophic lawsuits.
Example: A major lawsuit exceeds the limits of your general liability policy.
Suitable for: Businesses needing extra protection against catastrophic lawsuits.
Example: A major lawsuit exceeds the limits of your general liability policy.
Provides financial protection for workers (often independent contractors or gig workers) who suffer injuries or accidents while performing job-related duties. It typically covers medical expenses, lost wages, disability benefits, and death benefits resulting from workplace accidents.
Coverage: Includes medical bills, a portion of lost income (e.g., 60-80% of wages), rehabilitation costs, and sometimes accidental death or dismemberment benefits. Unlike workers’ compensation, it’s not mandated by law and is often less comprehensive.
Perils Covered: Limited to accidents occurring during work activities (e.g., slips, falls, equipment injuries). It does not cover illnesses, non-work-related injuries, or general liability claims.
Suitable for: Businesses employing independent contractors (e.g., trucking companies, rideshare platforms, construction firms) or industries where workers’ compensation isn’t required or applicable.
Example: A delivery driver, classified as an independent contractor, is injured in a vehicle accident while making deliveries and receives medical cost coverage through OAI.
Coverage: Includes medical bills, a portion of lost income (e.g., 60-80% of wages), rehabilitation costs, and sometimes accidental death or dismemberment benefits. Unlike workers’ compensation, it’s not mandated by law and is often less comprehensive.
Perils Covered: Limited to accidents occurring during work activities (e.g., slips, falls, equipment injuries). It does not cover illnesses, non-work-related injuries, or general liability claims.
Suitable for: Businesses employing independent contractors (e.g., trucking companies, rideshare platforms, construction firms) or industries where workers’ compensation isn’t required or applicable.
Example: A delivery driver, classified as an independent contractor, is injured in a vehicle accident while making deliveries and receives medical cost coverage through OAI.
Insurances we sell:
Commercial Insurance Glossary
Understanding Commercial Insurance. Key Terms & Definitions.
Contact us to check your eligibility
Important notice to our Customers
Please be aware that it is your—the Customer's—responsibility to know when your payments are due and to make those payments on time for any insurance policy you have purchased through us (the Agency). Nine Lives Agency is not responsible and will not be held accountable for any payments you may have missed (for any reason) and any policy that may have been cancelled by Provider or consequences thereof.
Please be aware that it is your—the Customer's—responsibility to know when your payments are due and to make those payments on time for any insurance policy you have purchased through us (the Agency). Nine Lives Agency is not responsible and will not be held accountable for any payments you may have missed (for any reason) and any policy that may have been cancelled by Provider or consequences thereof.