Insurance terms can be difficult to understand, and when it comes to protecting your business, it’s vital that you have a clear view of what your coverage entails. Getting to know the meaning behind some of the common terms used in commercial insurance is the best way to make shopping for your business policies simpler.
The definitions below provide a basic guide to the world of commercial insurance:
– Property Insurance: this is a term referring to a commercial policy that covers all of your company’s property; everything you use within the insured premises.
– Commercial Property: this refers to any items which are kept within the building/s where you do your business. It can include light fixtures to desks, to stock and office supplies. It also includes office and manufacturing equipment, although certain types of equipment may require special coverage.