One of the top most priorities’ for the business man is deciding on the type and the nature of the business insurance coverage. However, many business insurance owners are perplexed by the thought of insurance or even shy from the subjects. For the business owners, commercial property and general liability insurance are the two main key coverage options to choose for reducing their financial risk and recover their costs.
There are few important differences between Commercial property and liability insurance that needs special consideration. While on the one hand Commercial property insurance provides coverage on lieu of any damage that can be caused to the business. This means you are protecting yourself from fire, accidental or weather related damage. If you qualify for the same it will sure help you cover the costs of restoration. While General Liability insurance recovers the costs occurs as a result of the negligence on your part or of your employee which can cause irreparable damages to your business.
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Commercial property insurance also pays to recover the loss for stolen or lost property. Business owners can any time avail their commercial property insurance irrespective of whether they own house on lease or take on rent. If house is taken on rent, you can consider tenant coverage that can provide insurance coverage to your property, however a building owners’ policy does not cover the content that you owns, and the cost of the tenant coverage is generally less than the cost of the coverage of the building. A single policy can be bought to provide coverage to the business having more than one location,
While in generally liability insurance the business which is on the brink of bankruptcy as a consequence of not being able to repay their debt is covered. The liability insurance will help you recover from the number of slips and falls, might protect you from the damage you have accidentally caused to the other person property and save you from slander and libel. Overall, in liability insurance is covered negligence, personal injury, faulty products, loss of reputation due to advertisement misprints etc.
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How much liability insurance needs to be covered depends on the quantum and nature of risks your business will have to face, the premiums of the same ranges from few hundred to several thousand dollars.
Whether you are running a small business or a big, you need both kinds of insurance to keep your business secure and running. The smart business man knows and understands the best way to manage their liabilities and will always make an effort to keep their finance secure in the long run. However, before deciding how much and what kind of insurance you require, it is best to take an advice from the insurance expert.