Commercial Insurance, or Business Insurance, can cover the damage done to office furniture & fixtures, bodily injury or property damage done to a third party, and extra costs that occur when a business’s ability to make money is halted because of a covered claim.
Commercial General Liability (CGL)
Commercial General Liability covers a business for damages that it may be legally liable for. A CGL is made up of the following coverages:
- Bodily Injury and Property Damage
- Personal Injury and Advertising Injury Liability
- Medical Payments
- Tenants Legal Liability
- Products and Completed Operations
Business Interruption coverage is available for business’ whose revenues may be affected in the event of a claim. For example, if you own a restaurant that has a fire, you will experience loss of revenue until the repairs are completed. There is a standard 12-month period for business interruption coverage, but you can also opt to increase the period of time that this coverage will provide for, which is a good option for Building Owners and Business Owners who operate from their owned premises.
What does Property Insurance Cover?
Property Insurance covers your own property if damaged or lost in an insured claim. Property Insurance covers a variety of items from office contents to tools used on the job to fixtures and improvements done to the operating premises.