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Commercial Insurance Definitions
Commercial insurance protects your company's business property and offers defense from liability claims. Every business is unique so every business policy should be customized. A major fire at your worksite or even a minor fall by a visitor can have a devastating impact on your business. By obtaining a customized business policy you can protect your small business from big financial losses.
Typical business coverage's:
- General Liability - This coverage protects your business in case someone claims that your business was somehow responsible for their physical or financial damage.
- Products Liability - This is the liability a merchant or manufacturer has to assume if some defect in the product sold or manufactured injures a third party or damages his/her property.
- Premises Liability - This coverage protects your building(s) and its contents that are covered under the insurance policy.
- Property Damage - Covers tangibles such as buildings, furniture, inventory, and equipment. Some policies also cover cash, securities, hard to replace records, accounts receivables, as well as lost revenue
- Business Interruption - This coverage will reimburse you for lost earnings if your business is forced to shut down due to fire, a windstorm, explosion, or other insured causes of loss.
- Error & Omissions - This coverage protects your business from lawsuits for making a mistake or forgetting to do something while performing professional services.
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