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Commercial Versus Business Insurance For Contractors: Is There A Difference?

6/14/2021

5 Comments

 
Picture
​While these two terms may be interchangeable most of the time, there is a distinct difference between commercial and business insurance alike. This article will give you some essential points that will let you know the differences between the two.
Five Salient Differences
  1. The Specific Goal
    First, commercial insurance for contractors and trades refers to policies and protection for specialized jobs. For example, if they are going to work on a commercial building such as hotels or malls, they need to have commercial insurance to cover them for any damage.

    On the other hand, if they will repair smaller business establishments, they only need business insurance. In short, the former is much more expensive than the latter in terms of coverage.

  2. Coverage
    There's also a big difference between the two in terms of coverage. For example, commercial auto insurance for contractors covers vehicles used for particular work-related projects such as trucks or tractors.

    Business insurance can cover delivery vans or other smaller vehicles used for any business platform's day-to-day operations.

  3. The Bundling
    Commercial insurance for contractors and trades also encompasses a lot of other policies compared to business insurance. If you work as a contractor, you would have to get commercial liability insurance and workers’ compensation, and commercial health insurance.

    Business insurance for contractors, on the other hand, is a much more straightforward policy. It protects the entire project from any additional expenses due to damage to both equipment and employees.

    In connection with this, commercial insurance usually is bundled with other types of insurance as well. It helps the applicant save on premium payments down the line.

  4. The Application Process
    ​Business insurance is a much more straightforward application. It means that you will have simple requirements to be able to get coverage down the line. Commercial insurance involves a much more complicated process. It would be best if you asked your local insurance agency for more information regarding this.

  5. The Scope and Limitations
    Lastly, business insurance for contractors can be quite limited compared to commercial insurance. You have to be aware of the factors that may affect your commercial insurance policy down the line.

The Conclusion
Again, don’t hesitate to ask your local insurance agency for more information about this in the discussion. You will never regret it for sure. Being well informed will help make the most out of your insurance policy in the future.

At Desmond Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (859) 491-5100. You can also request a free quote by CLICKING HERE.
5 Comments
Metal Roofing Cost Daphne Al link
1/10/2022 12:00:21 pm

Contractors face working conditions and challenges that are unique from those of many other professions. One of these challenges is travel.

Reply
Victoria Addington link
1/23/2022 08:00:00 pm

I appreciate all the tips you shared here especially when you wrote that it would be best to ask your local insurance agency for more information regarding the insurance application process. I agree that commercial insurance can get really confusing, especially if you are a first-time business owner. It's best to seek assistance from a commercial insurance agency near our place for better guidance.

Reply
Mia Evans link
2/3/2023 07:32:22 am

I never took into account the fact that there are differences when it comes to the coverage of business and commercial insurance such as those that have trucks or tractors. I wonder what is needed for those who are using vehicles for everyday delivery services for their online shop. It might probably be a good idea if the owner meets with an agent to ensure that they understand their options and what would be the best coverage for them.

Reply
Commercial Car Insurance link
8/11/2023 05:23:45 am

A clear breakdown of the differences between commercial and business insurance for contractors. From specialized coverage and bundling of policies in commercial insurance to the more straightforward nature of business insurance, understanding these distinctions is essential. This article provides valuable insights for making informed decisions about insurance needs.




Reply
roofers link
9/16/2024 12:40:34 pm

This article by Desmond Insurance was super helpful in breaking down the key differences between commercial and business insurance for contractors. I didn't realize how specific commercial insurance was for larger projects like malls or hotels, while business insurance covers smaller establishments. The part about bundling different policies for better coverage really hit home—definitely something I’ll consider for my own small contracting business!

Reply



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