Business insurance contracts differ by both substance and length. Do your due diligence before securing business insurance to ensure your contract is optimal. In the end, you’ll find Gateway Property & Casualty, serving Dover, NH and Augusta, ME, has competitive terms that protect your bottom line.

Here’s a quick look at the typical length of commercial insurance contracts for businesses like yours.

What Determines Business Insurance Contract Length?

Compare and contrast potential business insurance contracts before signing and you’ll have the information necessary to move forward in confidence. The length of the contract is particularly important as it determines how long your business is protected for. 

Business insurance contracts vary in length, ranging from yearly terms to contracts that span several years and more. The preferences of the individual insurer and coverage type primarily dictate business insurance contract length.

Typical Business Insurance Contract Length

No two business insurance contracts have the exact same length. Professional liability insurance typically has policy terms that span between one year and half a decade.

Business interruption insurance is unique in that it is often aligned with the term of the property insurance policy. It typically lasts between one year and three years.

In contrast, the average general liability insurance contract for businesses tends to be a single year. However, these are general estimates that might not hold true for your unique business.

Gateway Property & Casualty is at Your Service

Serving Dover, NH and Augusta, ME, our commercial insurance terms are here to serve all businesses. If you are thinking about starting a business, already own a business or manage a business, give us a call today for a commercial insurance quote.