What is Commercial Insurance?

Commercial insurance, also commonly referred to as business insurance, provides protection for businesses from various risks— some policies focus on protecting the business’ reputation, while others aim to maintain the financial aspect of the company. Depending on the industry a company is in, the types of activities they engage in on a daily basis, and other criteria, commercial insurance coverage can vary according to the requirements of a firm. Some of the factors that impact the cost of a commercial insurance are:

How Does Commercial Insurance Work?

Commercial insurance is typically a one-year contract between business owners and Sondhi Insurance Agency, under which we take on the obligations of the company in return for a pre-determined premium. In essence, it safeguards your company, and in the event of a liability, you only need to cover your deductible; the rest will be handled by us, according to the limits that you have set. Commercial insurance is required for all businesses in order to alleviate financial burdens when the unexpected occurs.

What types of commercial insurance do we offer?

Commercial Auto Insurance

Vehicles used for business purposes such as vans, dump trucks and cars are covered by commercial auto insurance. This insurance policy covers liabilities, physical damage, collisions, medical payments, personal injury protection, and uninsured motorists. Several risk factors contribute to your premium, including the nature of your business, coverage needs, vehicles, drivers, and your location. You can expect to pay more than the average rate if your business has a history of claims. The commercial auto insurance can encompass coverage of the following:

  1. Cargo Van Insurance
  2. Box Trucks Insurance
  3. 16 & 18 Wheels Truck Insurance
  4. Construction Vans Insurance

Commercial General Liability

A Commercial General Liability (CGL) policy protects your business from financial loss from common incidents that happen while running just about any business. CGL would protect you if you are held accountable for property damage, personal injury caused by your services or employees, and any personal & advertising injury. It covers non-professional negligent acts. It will also cover the legal defense and losses incurred by you- up to the limits of your policy. The commercial general liability insurance can encompass coverage of the following:

  1. Restaurants
  2. Liquor Store
  3. Gas Stations
  4. Medical Offices
  5. Convenience Stores
  6. Grocery Stores
  7. Beauty & Nail Salons
  8. CPA Offices
  9. IT Consulting Offices

Commercial Property/Building Insurance

Commercial property insurance covers partial or full cost of repairing or replacing business-owned building or office, equipment, inventory, supplies, and business records if they are damaged or destroyed by fire, storm or any other insured risk. If you are renting a commercial space, you are most likely to be asked by your landlord to carry this coverage. The insurance is especially important for small businesses that own physical assets. With the help of this insurance, you can protect your expensive machines as well as your inventory. The commercial property insurance can encompass coverage of the following:

  1. Office Buildings
  2. Warehouses
  3. Medical Buildings
  4. Shopping Centers

Umbrella & Excess Liability Insurance

The only distinction between these policies is how the limitations are applied to the clients; both are designed to provide additional coverage over the limits of the underlying policy. Excess insurance is precisely what it sounds like—it is extra insurance on top of the policies it covers. Umbrella Insurance offers slightly more extensive coverage, though. Excess insurance, for instance, will provide the exact same coverage as the general underlying liability, however an umbrella policy will not be limited to the United States and its territories and will offer coverage across the world.

Hotel & Motel Insurance Insurance

Hotel-Motel insurance provides your business with the necessary protection it needs for your guests, staff, and property. This coverage ensures their overall experience while staying in your establishment is safe and satisfactory.

Professional Liability Insurance (Errors & Omissions E&O)

IT Consulting Liability Insurance

Even the most accomplished software engineers are susceptible to risk. Whether you own your own firm or work as a freelance information technology specialist, it's critical to safeguard it against the hazards associated with your line of work. You can explicitly address these risks with the use of the following coverage types: property insurance, cyber risk insurance, and IT consulting liability insurance.

Doctors/Physicians Liability Insurance

Protect your medical practice from miscellaneous errors and omissions exposures. Doctor/Physician E&O offers coverage if you make a mistake during patient care. It can help mitigate the costs and uncertainty of patient lawsuits, damaged equipment, staff accidents, and data breaches.

Chartered Accountants CPA Insurance

Financial and accounting blunders like bad financial advice or faults in bookkeeping might result in litigation. Your firm could be severely disrupted by a lawsuit, so you should be ready for the implications. For accountants and other financial professionals, professional liability insurance can assist in defraying the costs of litigation that might otherwise jeopardize your company.

Insurance Agents Liability Insurance

Insurance Agents Liability Insurance protects insurance professionals against negligence and other claims initiated by their clients. Professionals with expertise in insurance area require this type of insurance because general liability insurance policies do not offer protection against claims arising from negligence, malpractice, mistakes, or misrepresentation.