Insurance can be confusing even for those experienced with the process. While searching for your desired coverage, you may have figured out there are two different kinds of insurance types: commercial and personal. However, you may be surprised about the difference and similarities between commercial insurance vs personal coverage.
How Are They Similar?
As with any insurance policy, the rates that you are offered depends on many different factors. Agencies often look at the past claim history of both individuals and businesses as well as investigate if they have taken the appropriate safety courses to prevent accidents. There are also certain policies that apply to both such as auto, liability, life, health and property.
How Are They Different?
The main difference in commercial insurance vs personal coverage includes the number of people covered under one policy. A commercial policy can care for the entire staff while personal insurance usually covers only one person and his/her family. Agencies also rely heavily on the type of industry and danger of operations before calculating a final rate for a business.
If you are a business owner looking to acquire insurance for yourself or your family, make sure your policies do not a crossover or get mixed up. You don’t want to be paying for insurance coverage for a whole fleet of vehicles when you were hoping to insure your family vehicle. Make sure to also work closely with a reliable agency that can answer all your questions.