The Difference Between Private and Business Insurance
Around 53% of net premiums issued in the property and casualty insurance market are for personal lines insurance, while roughly 47% are for business lines insurance. Commercial lines insurance protects organizations like corporations and nonprofits from unforeseen financial losses, whereas personal lines insurance protects people.
Commercial lines insurance may aid in the event of a loss that the company cannot absorb. This insurance protects not just the largest corporations but also the smallest ones. Examples of commercial insurance include commercial property, commercial vehicle, casualty, and medical malpractice insurance.
Determining the appropriate level of commercial insurance coverage for a company is not always a simple task. because the requirements of organizations, even tiny ones, are much more intricate than those of people looking for health insurance.
For example: if an employee causes an accident, the company might be liable for damages or litigation. Take, for example, employees who drive business cars. A company's exposure to risk might rise if an employee engages in risky or reckless conduct while behind the wheel.
