Commercial Insurance Explained
Commercial Insurance Def:
Commercial insurance is a term for all types of insurance that provide protection from risks associated with operating a business. Commercial insurance is also often called business insurance or commercial lines insurance and all term are used to make a distinction between them and personal lines insurance, which cover personal risks like potential liability from owning a home or driving a car.
Popular Types Of Insurance For Your Business Are:
How Do We Determine What Type Of Insurance We Need?
There are a number of ways to determine what types of insurance for your business are needed including:
What Type Of Commercial Insurance Is Most Common?
Commercial General Liability (CGL) insurance is the most commonly purchased type of insurance by far. A commercial general liability policy is issued to all types of business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the “comprehensive” general liability policy. Given the many types of coverage provided by the commercial general liability policy and the frequency of bodily injury claims most businesses that are operating purchase this coverage.
Commercial Property Insurance is also a popular type of commercial insurance and provides coverage if physical assets are damaged or destroyed by numerous types of losses including fire, floods etc.
How Do I Buy Commercial Insurance?
Business Insurance is best purchased through a licensed and experienced insurance broker who will help you and your organization assess your needs, secure options and provide recommendations on what commercial insurance options are best for your organization.
ALIGNED Insurance Advocates specialize exclusively in insurance for your business and are experienced and skilled in risk identification. They also are experts in securing the best commercial insurance options available from insurance companies on your behalf.
|ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.