“Commercial” means anything that is not a personal or consumer matter.
As well as “for profit” businesses the not for profit, charitable, public authority philanthropic and indeed any other entity in the form of an incorporated company, a trust or voluntary society comes within the broad description of “commercial “ for the purposes of insurance claims.
Whereas decision making in personal insurance matters typically falls to the family, in commercial matters it typically falls to several people according to the make-up of the senior management. This brings about different claims management dynamics and can cause insurers to be more rigorous with their claims settlement requirements than for a personal, consumer claim.
Fire, flood, water damage, burglary, subsidence are just some of the more common events that beset a commercial entity not to omit injuries to employees and loss and damage to the public or to customers motor accidents and, increasingly fraud, deception, impersonation and hacking of bank accounts and other sensitive data.
The loss of business by interruption caused by any event that changes the ordinary operation s of the entity can have a devastating consequence on the business and its employees, stakeholders and investors.