Commercial enterprises of all sizes and across all sectors must account for specific risks and exposures. Even those operating in relatively low-risk industries or with steadfast dedication to safety and caution must prioritize appropriate insurance. But what does commercial insurance mean, and how can a business know if its coverage is sufficient?

At Metro One Insurance Agency, we pride ourselves on assisting businesses in the Tulsa area with the aforementioned questions, ensuring suitable financial protection.

What Is Commercial Insurance?

Commercial insurance, also known as business insurance, refers to the collection of coverages that may be needed to address relevant risks and perils. Commercial insurance often refers to a portfolio of policies rather than one named product. After all, a business’s circumstances are unique, meaning that the right coverage may also vary significantly.

What Is Included in Commercial Insurance?

The contents of an adequate commercial insurance portfolio should be adjusted, augmented and assembled according to the policyholder’s specific situation. Of course, several types of insurance may often be helpful for many types of businesses. Consider asking your agent about the following options:

• General liability insurance
• Professional liability insurance (also known as errors and omissions insurance)
• Business property insurance
• Business income insurance
• Workers’ compensation insurance
• Cyber liability insurance
• Commercial auto insurance
• Employment practices liability insurance
• Commercial umbrella insurance

How Much Does Commercial Insurance Cost?

Insurance carriers typically consider many factors when quoting businesses with rates for suitable coverage. While the exact weight given to various criteria may vary, the following may often have some influence:

• Location
• Industry
• Years in business
• Number of employees
• Value of insured assets
• Estimated annual revenue
• Previous claims filed
• Coverage limits
• Deductibles

Learn More

At Metro One Insurance Agency, we understand that commercial insurance is essential but may also be complicated. With this in mind, we are committed to guiding you through acquiring, maintaining, and reassessing proper coverage. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.