commercial lines | Insurance Software development

Difference between Personal Lines and Commercial Lines in Insurance

Author - Webner
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11:53 am
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Introduction

Property/casualty insurance can be countermined into two major categories: commercial lines and personal lines. Personal lines, as the term suggests, includes coverages for individuals- vehicles and household insurance. Commercial lines, that accounts for almost half of U.S. property/casualty insurance premium, includes the many kinds of insurance products designed for businesses.

Commercial and business insurance performs a vital role in the world economy. Without it, the economy would not function properly. Insurers primarily protect the economic system from failure by considering the risks intrinsic in the production of goods and services.

In the US itself […]

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