Personal vs. Commercial Insurance 

Personal and commercial insurance products offer financial protection against potential causes of loss. They can provide repair or replacement payments for property damage and cover costs associated with lawsuits (e.g., defense costs, settlements and judgments). While both lines of insurance have similarities and may even use some of the same language, there are significant differences.  

The experienced team at Morehead Agency in Lee’s Summit, Missouri, can help you secure the right insurance for your needs. Contact us for more information. 

What Is Considered Personal Insurance? 

Personal insurance covers individuals and/or their families from various risks that may result in financial loss. Examples of personal insurance include: 

• Homeowners insurance
• Renters insurance
• Life insurance
• Personal auto insurance
• Disability insurance
• Health insurance
• Personal umbrella insurance 

These policies and others may cover property damage, injuries, death of the insured, liabilities and other exposures. Although some policies may be required (e.g., many state laws require auto liability insurance and many landlords require renters insurance), individuals can typically choose which policies and how much coverage they need. 

What Is Considered Business/Commercial Insurance? 

Commercial insurance lines are available for businesses to guard against financial losses that may occur through the exposures they face. It is sometimes referred to as business insurance and can cover property damage, lost income and other liabilities. Examples of commercial insurance include: 

• General liability insurance
• Commercial property insurance
• Builder’s risk insurance
• Commercial auto insurance
• Workers’ compensation insurance
• Business interruption insurance
• Commercial umbrella insurance 

Each business typically analyzes its risk profile and obtains the types and amount of coverage they need. Like personal insurance, some commercial policies may be required (e.g., several states require workers’ compensation insurance), but other policies may be chosen as an organization builds a comprehensive insurance portfolio. 

Work With Us To Get the Right Insurance 

Although it may seem complicated to choose the right insurance, the professionals at Morehead Agency can assist you with your personal or commercial insurance needs. Contact us today to get started.