Free Insurance Guide

Property Insurance or Liability Insurance?

Do you know which type of insurance cover you need for your business? There are two main types of insurance, commercial property insurance and commercial liability insurance.

Property insurance covers your businesses premises from risks such as fire, theft and damages as a result of the two, it can also cover you against crime and vandalism to your property as well as other specifics such as cover for your property whilst in transit.  Under the property insurance bracket there are a few more types of cover that you can get and their need is based on which type of business you run.  Your approval for any type of commercial insurance is almost always subject to risk assessment.  It can be hard to obtain any kind of business insurance if you business is considered at high risk.

Liability insurance covers your business in the event of legal action being taken against your business.  It will cover legal fees as well as cover the cost once the action is completed, again there are other more specific types of insurance that fall under the liability insurance bracket and your business may or may not need them all.  An insurance agent can take you through all the details and will be able to tell you exactly which type of insurance you need but in almost every case any business operating will actually need both property and liability insurance, what varies is the more specific categories of insurance that fall under these two types, some of the more specific types on insurance include, errors and omissions insurance, inland marine cover, fidelity bonds and business interruption insurance are just some of these extras.

Prices for both types will vary from insurer to insurer and will be based partly on risk assessment and your specific needs, it is advisable to get more than one quote before you purchase any cover for your business.

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