Businesses and Organizations buy Insurance to protect themselves against the adverse financial effects of Property and Liability Losses. Business insurance is purchased both by for-profit and nonprofit Organizations, including Religious, Educational or Government entities. Some Insurance companies provide personal Insurance and some provide commercial Insurance only. Many Insurance companies provide both personal and Business Insurance however they provide them through different business divisions.
In general, the Property and Liability needs of a business are far more complex than those of personal and family needs. Therefore the commercial insurance involves a far greater number of policy forms and endorsements than those used to provide personal Insurance.
Examples of Business Insurance is Commercial Property Insurance, Business Income Insurance, Crime Insurance, Boiler and Machinery Insurance, Inland and Ocean marine Insurance, Commercial General Liability Insurance, Commercial Automobile Insurance, Businessowners Insurance, Farm Insurance, Workers Compensation and Employers Liability Insurance, Surety Bonds, Flood Insurance, Professional Liability Insurance, Directors and Officers Liability Insurance, Employment Practices Liability Insurance and Umbrella & Excess Liability Insurance.