Definition: Commerical insurance, also known as general business insurance, is a type of insurance policy that covers businesses for losses caused by accidents, fires, theft, and other types of events that can happen to their property or operations. This type of insurance often covers damage to buildings, equipment, fixtures, and contents, and may also cover loss of income or assets due to the occurrence of these incidents. In addition to providing coverage for physical harm, commercial insurance policies may also provide protection against liability risks associated with business operations, such as fines for non-compliance with regulations or lawsuits brought by customers who have suffered damages. This type of insurance is typically required under a variety of industries and can include various types of coverages, including bodily injury, property damage, and liability coverage. Commerical insurance policies can be found in a wide range of industries, from retail to manufacturing, construction, and transportation, among others. They are designed to provide protection against the potential for financial losses that could occur during business operations or when there is an accident on the road.
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