Definition: Commercial insurance (also known as business insurance) refers to coverages for business activities or assets that are not considered personal property, such as buildings, machinery, vehicles, equipment, and other commercial premises. Definition: Commercial insurance is a type of insurance coverage that protects individuals or organizations from financial losses due to various types of risks associated with their business activities. The risk exposure may include loss of income, damage to property, liability for third-party claims, accidents, fires, natural disasters, theft, etc. Examples of commercial insurance coverages include: 1. Property Damage Insurance: Covers the cost of repairing or replacing damaged buildings, machinery, vehicles, equipment, and other business assets after a specific event. 2. Liability Insurance: Protects individuals or organizations from financial liability related to injuries or damage sustained while operating their business premises or providing services to customers. 3. Loss of Business Insurance: Offers protection against financial losses resulting from the loss of business activities, including income lost due to accidents, fires, theft, and other types of business interruption. 4. Fraudulent Claims Insurance: Covers costs associated with fraudulent claims made by clients, such as medical expenses or lost sales opportunities. 5. Cybersecurity Insurance: Protects individuals or organizations from financial losses resulting from cyber attacks on their business premises or computer systems. In summary, commercial insurance is a comprehensive form of insurance that provides protection against various types of risks associated with a company's business activities, including loss of income, damage to property, liability for third-party claims, accidents, fires, natural disasters, theft, etc.
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