What is the commercial insurance?
Commercial insurance, also known as business insurance, financially protects your business from common risks such as client lawsuits, customer or employee injuries, property theft and damage, as well as other unexpected events.
What is the meaning of commercial insurance?
Commercial business insurance is coverage for businesses and corporations, generally designed to cover the business, its employees and ownership. Since there are so many types of businesses with different needs and situations, commercial insurance can come in many shapes, sizes and colors.
Is commercial the same as private insurance?
As the names clearly suggest the private insurance policy covers a car that is used for personal use while commercial insurance policy covers a vehicle like a taxi or a cab that is used for commercial purposes.
What is included in a commercial package policy?
A commercial package policy combines two or more coverages like commercial property and commercial general liability, business crime, equipment breakdown, inland marine, and commercial auto liability.
What is not included in a commercial package policy?
Commercial package policies can't include certain items like workers' compensation or directors-and-officers insurance. Workers' compensation insurance is required by law and must be purchased as a separate policy. Directors-and-officers policies are necessary for non-profit organizations.
What are the three main parts of the commercial package policy?
The commercial package policy (CPP) program was started by the Insurance Services Office (ISO) in 1986. Every policy includes three standard elements: the cover page, common policy conditions, and common declarations (shown in Figure 15.1 "Links between the Holistic Risk Puzzle and Commercial Insurance").
What are the four components of a commercial package policy?
Equipment Breakdown insurance or Boiler and Machinery coverage. Commercial Crime coverage. Commercial General Liability coverage.