Car insurance

Insurance is a simple concept in itself, but the reality is that there are so many types of insurance out there, that it can actually become quite confusing. When trying to sort something out, it is often best to start from the top and work your way down, and the same implies with insurance. There are two main types of insurance on the market known as private and commercial insurance. You likely know the differences between private insurance and commercial insurance, but what about the different types of commercial insurance?

Let’s get the skinny on commercial insurance by discussing what different types of commercial insurance there are, and what they cover. We will focus on the 3 main types of commercial insurance.

3 Main Types of Commercial Insurance

Property Commercial Insurance

Property insurance covers damages suffered to your physical property or business. For example if your commercial bakery is flooded, the property portion of your commercial insurance will be able to cover the cost of repairing or replacing any equipment and goods. If you are operating without property insurance, you could lose everything overnight and have nothing to show for it in the morning.

Liability Insurance

Liability insurance covers your business or entity in the case of a lawsuit. For example if a worker accidentally damages someone’s car during a construction project and they sue you, liability insurance keeps your company from being bankrupted by this type of suit. If you want to keep your business protected, you need commercial liability insurance.

Worker’s Compensation

Worker’s compensation helps cover the cost of lost wages or medical bills should one of your employees become injured on the job. When your employees are covered by worker’s compensation, they cannot sue your company for any type of medical expenses or lost wages. You must have worker’s compensation for your commercial enterprise to protect both you, and your employees.

All 3 of these commercial insurance types work together, but all three have their own distinctive needs. To find the right type of commercial insurance for your business, sit down with your local and reputable insurance agent to find what you need covered, and the benefits that coverage will give to your business.

Special thanks to Colorado Insurance Specialists for this breakdown of commercial insurance. Visit them at today to learn more.

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Melissa Popp is Director of Digital Engagement for Altitude SEO, a boutique agency helping small businesses win with content online. As a digital strategist with a passion for technology and travel, she coaches her partners to connect with their audience through experience optimization, with the goal of retaining more loyal visitors, creating brand ambassadors, and increasing conversion goals. She can be found online writing for About Travel, TechNorms, and The Emmys. Past clients include Microsoft, Hewlett-Packard, and Samsung.