What is commercial insurance?
Commercial insurance is insurance for businesses. This can range from business auto to personal liability to building coverage, etc.
What is property insurance?
Property insurance protects your buildings and equipment, stock, furniture and fixtures. Some policies include equipment breakdown and business income coverage. Basic property insurance will generally cover your business for losses in the event of a fire or lightning strike and will pay the cost of removing property to protect it from further loss. Additionally, a standard small business insurance policy will usually cover losses from windstorm, hail, explosion, riot and civil commotion and damage caused by aircraft, automobiles or vandalism.
How much property insurance does my small business need?
Property insurance can be purchased on the basis of the property's actual value (the replacement cost minus depreciation); its replacement value (the cost of replacing the item without deducting for depreciation); or an agreed-upon amount.
How does liability insurance coverage protect my small business?
There are many different types of third-party liabilities to be covered for a business. Business liability insurance may protect you from claims arising from someone's bodily or personal injuries. Other items that could be covered are damage to the property of others, products-completed operations, advertising, premises operations, fire, legal liability and related legal defense costs. For instance, liability insurance will not only pay the cost of covered damages but also the attorney fees and other costs associated with your defense.
What exactly does the term "bodily injury" in a liability insurance policy mean?
This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period.
