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How Does Commercial Insurance Differ From Personal Insurance?

Commercial insurance protects your business against various commercial risks. You may have some commercial insurance needs similar to your personal insurance, such as homeowners’ or renters’. 

The insurance policies are tailored to suit the needs of businesses that operate in the marketplace. They are not one-size-fits-all policies, and they are quite different from personal insurance plans. If you live in Greensboro, NC, consult more from Glick Insurance. 

Commercial Insurance Versus Personal Insurance 

Commercial policies protect your business against financial loss due to unexpected events, just like personal insurance. However, commercial insurance is much more comprehensive, offering a range of benefits that most individuals won’t ever need. 

A commercial cover may take care of risks such as property damage, liability, workers’ compensation, etc. You may also consider purchasing cargo insurance if you ship and receive goods across state lines. Cargo insurance covers lost, stolen, damaged, or otherwise not received goods. 

In a nutshell, commercial insurance is designed to protect assets that are vital to a company’s business. Personal insurance protects individuals and their assets. As a company owner, you have crucial assets to your business. The assets can range from real estate to inventory to company computers. Commercial insurance can protect these assets from risk and financial loss if the unexpected happens. 

Give Us A Call

Commercial insurance policies secure your business from financial loss if an insured event occurs. For example, let’s say you run a contracting company and have a team on-site to make repairs to a client’s property. One of your workers accidentally drops a piece of heavy equipment on his foot, breaking his toes. 

In an accident, your personal insurance caters for the medical expenses. If the accident makes the team unable to work for some time, the client is compensated for the delay in repairs. This loss is covered by the contracting company’s commercial insurance policy. Reach out to us at Glick Insurance in Greensboro, NC, for professional help and advice.

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