Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Do I need a business to get commercial insurance?

Commercial insurance is intended and available only for those who own a business. This type of insurance is not intended to cover individuals or families outside of the business setting.

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There are many different types of commercial insurance policies available and finding the right one for your large or small business is important. The following article will provide additional information concerning commercial insurance.

Basic Types of Commercial Insurance

The type of commercial insurance you purchase is based a lot on what type of business you have, but there are some basic types of commercial insurance that most businesses carry. If you strive to carry all of these types or insurance or to add them as your business grows, you are headed in the right direction.

Customers, financial institutions, and employees feel better working with a company that has adequate insurance to cover accidents, mistakes, and other situations that can arise while operating a business.

  • Property and liability coverage- This type of coverage covers the cost of damage done to your property or on your property or to third parties that are on your business property when injured. This does not include employees who are generally covered under workers’ compensation insurance. Property insurance will also cover natural disaster and fire damage while liability coverage will cover your company if you face a lawsuit from an injured party.
  • Directors and officers coverage- This type of insurance especially covers those who are in charge of the day to day operations of your company. Often times when something happens with a customer or an employee that ends up in a lawsuit, the filing individual attempts to sue the president or chief officer of the business personally in addition to suing the company itself. Directors and officers coverage will protect the personal assets of those running your business. More and more, many CEOs and company presidents will not take a position unless this type of coverage is offered.
  • Health insurance coverage – While health insurance is really separate from business insurance, carrying it may be critical to your business. A recent study showed that the number one way to retain employees is to offer some type of health insurance benefits. With the rising cost of health care, more individuals are looking to their employer for health insurance benefits and are choosing benefits over salary 9 times out of 10. A strong, growing business provides health insurance to its employees at no cost or reasonably low cost to the employee. This coverage option should also extend to the employee’s spouse and dependents as well.

It can be scary to take on the offering of health insurance benefits, but you can start slow and increase benefits or the amount paid by you as your company grows. Employees understand the growing demand on both their wallets and the income of business owners when it comes to health insurance.

Starting out by offering something, even if it isn’t a top notch benefit package, is better than offering nothing. Soon, the new health care bill known as Obamacare that has been passed will start requiring business owners to offer certain types of health insurance benefits to employees. So offering health insurance now is a step in the right direction.

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New Coverage Options and How to Find Commercial Insurance

New coverage options are being developed everyday. As technology and industry are changing faster than ever, so are the insurance options being offered to businesses.

Web site insurance coverage is the newest type of commercial insurance to be offered. This type of coverage started out solely for businesses whose websites were growing too quickly to handle, but now it is available for all types of businesses. This type of coverage will protect you against lawsuits or issues that arise solely because of your website and its content. If you have an ecommerce or home based business you might need this.

Online is also the best place to find the commercial insurance company that you need. Just as businesses vary and insurance needs are numerous, so are the choices of commercial insurance companies. One way to narrow down all of the choices is to use an online comparison tool. An online comparison tool allows you to compare commercial insurance companies side by side so you can choose the insurance company that best fits your business needs.

Type your zip code into the free rate box and compare business insurance quotes now!