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Commercial Business Insurance: Property

All types of property insurance covers the insured party that has suffered an the damage or destruction of his property, which is considered to be items that have value and can be categorized as real or personal property. Real property is land and anything attached to it, and personal property is anything else that is not real property.

Building coverage and personal property coverage can cover almost all types of property when purchased together. Coverage can include anything from outdoor fixtures to machinery to additions to covered buildings, and damage to personal property is covered in the event of fire, explosions, lightning, smoke, water damage, and a number of other instances.

Several insurance companies usually determine the value of a given property by the cost of replacement (ACV), or the cost of depreciation subtracted from the ACV.

Commercial Liability Coverage

Commercial liability insurance policy offers protection against bodily injury to a third party or damages to personal property for which the business is liable. It covers medical expenses as well as accidents that occur away from the actual location of the business, such as with injuries sustained from a product of that business. Commercial liability coverage also provides additional help for any legal fees accrued any accidents.