Commercial purpose refers to the use of a property or vehicle for business or profit-generating activities. This is in contrast to personal use, which is for personal or family use.
When determining insurance coverage, it’s crucial to distinguish between personal and commercial use. Commercial use typically requires specific insurance policies designed to cover the unique risks associated with business activities. These policies may have higher premiums and different coverage limits compared to personal use policies.
For example, a car used for delivering goods or a home used as a business office would be considered commercial use. If you use your vehicle or property for commercial purposes and fail to disclose this information to your insurance company, your claim may be denied.
It’s essential to accurately classify the intended use of your property or vehicle when purchasing insurance to ensure you have adequate coverage.
At PSIC, we’re here to help you protect your personal assets. We offer a variety of insurance policies designed to safeguard your personal property and provide financial security.
It’s important to note that our policies are specifically tailored for personal use. If you’re using your vehicle or property for commercial purposes, such as running a business or delivering goods, you’ll need a commercial insurance policy.
The intended use of your property or vehicle is clearly outlined in your policy’s declaration page. If a claim is filed and we discover that the property was used for commercial purposes, we may not be able to cover the loss.
Need More Help?
If you couldn’t find what you were looking for, remember that at PSIC we have an available AI assistant!
Learn more about insurance in the resources section. Find safety tips, money-saving options, do’s & don’ts, news, and much more information.
Get monthly news and useful insights by subscribing to our monthly newsletter.
By submitting this form you confirm that you agree to PSIC’s privacy policy.
With more than 40 years of trajectory, we have the expertise to accompany you in every stage of your life.
Customer support: 800-303-5000
Claims support: 800-962-1172
5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807
Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
Categories of Personal Information Collected
Purposes for Collecting and Using Your Personal Information
Managing Human Resource Functions:
Conducting business operations:
Monitoring:
Compliance with:
Investigating:
We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.