Liability coverage will change by business, individual, and geographical location. These differences can impact the cost of services as well. The insurance in Los Angeles may be more expensive than somewhere in the southern U.S., given the increased risk of loss by an earthquake. There are a few ways to estimate your cost for insurance, but you will need to narrow down what type of coverage you need.

Residential vs Commercial Insurance

There are two categories of insurance, and within these categories, there can be several different types of coverage. According to https://www.arroyoins.com/, the most common types of residential coverage are homeowners and automotive policies. When it comes to commercial coverage, the nature of the business and overall size will influence what coverage is warranted, although common policies include:

• General liability
• Commercial auto
• Commercial property
• Directors and officers
• Workers’ compensation
• Business owners

If you have had prior claims filed against your insurance, your premiums may be quoted higher than others, since you present more risk to the insurance provider. The goal of insurance is to provide financial protection in the event an incident creates bodily harm or property damage in situations involving the policyholder. Residential claims might experience property damage from a fire or bodily injury through a car accident. Commercial policies have claims filed by employees, vendors, clients, or other parties doing business with a company.