Commercial Property Coverage

This coverage covers the building or buildings against specified losses as described in the policy contract, such as fire, vandalism, water damage, theft, etc., subject to certain limitations and exclusions.

Coverage could include all appurtenant structures and equipments usual to the occupancy of the insured, fixtures, machinery, appliances, refrigerators, air conditioning, floor coverings, etc.

Business Personal Property

This policy covers Business Personal Property owned by insured at the insured’s premises as described in the policy for which a limit of liability is shown, while in the building.  The coverage includes the value of materials furnished, labor performed, and charges occurred by the insured.  In general, there are three types of property coverage:  Basic Form, Broad Form, and Special Form; but none include Flood and Earthquake.  

Commercial General Liability

The peril of liability is one of the most severe risks facing a business enterprise.  In recent years, both the frequency and severity of legal awards from damages as a result of negligence, products liability, advertising injuries, contractual liabilities, and other sources of liability have increased dramatically.  In many cases, the cost of liability insurance has skyrocketed and at times, adequate liability insurance has been difficult to find.  Nevertheless, the prudent business manager is aware of the fact that it is virtually impossible to operate without liability insurance.  Certainly, for any concern, it may be viewed as financially irresponsible to operate without liability insurance.

In the commercial field, the predominant policy is the commercial General Liability Insurance Policy, which attempts to anticipate the major exposures confronting businesses in a variety of operations and situations. In this case, the insurance company will pay on behalf of insured all sums which the insured becomes legally obligated to pay as damages because of Bodily Injury, Property Damage, or Personal Injury caused by an occurrence to which this insurance applies. 

To protect your assets against unforeseen lawsuits, it is important to have adequate coverage from the first day that you start your business.