Property and casualty (P&C) insurance is the broad category covering every commercial policy that protects your business from physical loss or liability claims. The main lines — general liability, commercial property, commercial auto, workers’ compensation, and umbrella — each address different exposures. Most mid-market businesses need all five, plus specialty coverages specific to their industry.
For businesses with SBA-financed property or equipment, the lender’s hazard insurance requirements specify exactly which P&C coverages must be in place before funding.
Key Takeaways
- General liability: Third-party injury and property damage — the baseline every business needs
- Commercial property: Covers the building, equipment, inventory, and business income
- Commercial auto: Company vehicles and hired/non-owned auto liability
- Workers’ compensation: Employee injury on the job — required in most states
- Umbrella/excess: Extends limits above GL, auto, and employer’s liability
Frequently Asked Questions
What is property and casualty insurance for a business?
Property and casualty insurance is the umbrella term for all commercial policies that protect against physical loss (property damage, theft, fire) and liability claims (injury, lawsuits, legal defense). It includes GL, property, auto, workers’ comp, umbrella, and specialty lines like cyber and professional liability.
Disclaimer: This article is for informational purposes only and does not constitute insurance or legal advice. Consult our licensed advisors for guidance specific to your business.
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