Commercial Insurance Definition

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Commercial insurance is commonly defined in a very particular way. Get a definition of commercial insurance with help from a public insurance adjuster in this free video clip.

Part of the Video Series: Home & Business Insurance
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Video Transcript

Hi, and welcome, I'm Dan Odess. I'm a public insurance adjuster. And I'm here to talk to you about what is commercial insurance. Commercial insurance is very difficult, in fact, when you actually place commercial insurance, they give you what's called a binder. It is a very large binder with many different types of coverages inside there. You are either a business, a commercial land owner, or a condo association. Which will actually get you commercial insurance. Sometimes it's referenced as a CP Policy, a commercial policy. These commercial policies are very dense, full of lot of information and also a lot of times, are layered. Layered meaning, several different types of, several different insurance companies, placing insurance, all at the same time on property, based on certain values. Let's say, the first insurance company covers you from zero to a million. The next one will cover you from a million to two million. The next one with layer, will cover you from two million to three million. So, therefore you have three layers of insurance. There's other things to take into consideration. When placing insurance, if you're renting the building and you own a business, and, or you're leasing that building or that unit inside one building. It's important to make sure that your lease agreement is properly coordinated. And then, therefore you have proper insurance to cover you in the event of a loss. And make sure that you have adequate coverage and you'll be just fine. This was Dan with eHow, thanks for tuning in.

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