Commercial Liability and Property Insurance Explained

Commercial Liability and Property Insurance Explained

Different commercial insurance terminologies can be quite confusing to new business owners or even to those who have been doing business for a while. This is especially true for an internet home business owner because we often don’t think of these endeavors as real businesses. But the fact is, any enterprise that is operated in order to make a profit is considered a legal business in many areas. Being prepared for legal issues needs to be one of your primary concerns.

So, in layman’s terms, what is the meaning of commercial property insurance? Also, what makes this property insurance different from commercial liability insurance? Commercial property insurance has many other names like business property insurance and business buildings insurance. In order to have this kind of coverage, you do not have to be the owner of the building. All your physical assets are covered by commercial property insurance policy whether you are renting a building or you are just set up to work at home.

In the case of a disaster like a fire or typhoon, where your business building is destroyed, or an extreme winter where your pipes burst, you are going to be paid by your commercial property insurance for all the costs of the damage to your business and its contents. This includes things like furniture, equipment, valuable documents, inventory, landscaping, outdoor signs, fences and even damage to other people’s property.

If you are thinking that business