PAY
Commercial property
Assets + equipment
Review buildings, contents, equipment, inventory and other property used by the business.
Business & Commercial Insurance Guidance
Protect the business you worked hard to build.
Business insurance can help protect your property, liability, revenue and operations from risks that could interrupt years of growth. Coverage should reflect how your business actually operates.
Business Insurance Essentials
Six areas every business owner should review
The right combination depends on your industry, operations, assets, contracts, employees, customers and risk exposure.
WAIT
Liability level
Third-party claims
Liability coverage may respond to eligible bodily injury or property-damage allegations.
TERM
Business interruption
Lost income
Coverage may help replace eligible lost income and continuing expenses after an insured loss.
JOB
Professional liability
Errors + omissions
Professionals may need protection for eligible claims arising from advice, services or errors.
WAIT
Cyber protection
Data + systems
Cyber coverage may address eligible privacy events, attacks, recovery costs and liability.
READ
Commercial vehicles
Business use
Vehicles used for business generally need appropriate commercial auto coverage.
Business Continuity
Protect the business and the people behind it
A complete review considers both commercial exposures and the people whose absence could affect operations.
- Property, equipment and inventory
- General and professional liability
- Business interruption and extra expense
- Cyber, privacy and crime exposures
- Commercial vehicles and mobile equipment
- Owner, partner and key-person protection
Business Types
Protection for many types of businesses
Coverage should reflect the risks created by the business model, premises, services, customers and contracts.
Understand the Difference
Commercial insurance and owner protection solve different risks
Commercial Insurance
- Protects eligible business property, liability and operational exposures.
- May include interruption, cyber, crime or commercial vehicle coverage.
- Limits, deductibles and exclusions are selected for the business risk.
- Coverage should be reviewed as operations change.
Owner & Key-Person Protection
- Life, disability or critical illness coverage may protect key people.
- Funding may support buy-sell obligations or key-person replacement.
- Ownership and beneficiary structure require careful planning.
- These policies do not replace commercial property or liability insurance.
Illustrative Family Scenario
How a growing small business could strengthen protection
This example is educational only and does not represent a quote or recommendation.
Example
A growing business reviews its changing risks.
The owner reviews property, revenue, contracts, cyber exposure and dependence on key people before coordinating with a licensed commercial broker.
Business propertyUpdated replacement values
Commercial liabilityLimits matched to contracts
Business interruptionIncome and extra expense
Cyber exposureData and system response
Owner continuityKey-person needs reviewed
Biggest mistake: assuming personal insurance covers the business
Home and personal auto policies may exclude or limit business activities, equipment, customers and commercial vehicle use. Business risks should be disclosed and insured appropriately.
Planning Your Coverage
Three business protection gaps to avoid
Review coverage whenever revenue, property, contracts, staff, vehicles or operations change.
INC
Personal vs commercial
Different risks
Do not assume personal home or auto insurance protects commercial activity.
SAVE
Annual review
Keep it current
Update values, operations, locations, revenue, contracts and staff regularly.
TIME
Business continuity
Assets + people
Protect revenue and operations—not only physical property.
Frequently Asked Questions
Business insurance, explained simply
Does home insurance cover a home-based business?
Not necessarily. Business property, customer visits, inventory and commercial activities may be excluded or limited.
What is commercial general liability?
It may respond to eligible third-party bodily-injury or property-damage claims, subject to the contract.
What is business interruption insurance?
It may replace eligible lost income and continuing expenses after a covered property loss.
Do consultants need professional liability?
Professionals providing advice or services may need errors-and-omissions coverage.
Does every business need cyber insurance?
The need depends on data, systems, online operations, contracts and privacy exposure.
Are business vehicles covered by personal auto insurance?
Business use must be disclosed and may require commercial auto coverage.
How often should coverage be reviewed?
At least annually and whenever operations, revenue, property, staff, contracts or vehicles change.
Can you arrange commercial insurance directly?
Commercial insurance is generally arranged through an appropriately licensed property-and-casualty professional; guidance may include a referral.
Learn with Lava
Book a Free Business Protection Review
Your business deserves protection designed around how it actually operates.
Review your operations, assets, contracts, liability exposures and continuity needs before connecting with the appropriate licensed commercial insurance professional.