The Importance of Commercial Property Insurance and Covering your Assets

professional services to the public. With commercial interests, there are certain kinds of liability that need to be covered and usually are with most good basic policy packages.

With a combination of property and liability coverage, the basics of an insurance policy for your business are covered. However, depending on your circumstances, even this may not be enough. Sometimes, it may be far from enough. In fact, the focus of your coverage might have to be shifted and altered to other forms of asset or liability protection because what you do for business just isn’t common enough, or is more specialized than what’s generally out there.

As mentioned earlier, professional services might be placed into this category. Unlike a more commercial venture, which generally employs people to deliver some kind of product or service to the general public, a professional essentially uses their expertise to deliver a certain kind of service that comes with a certain expectation of conduct. Whereas a commercial interest might be at risk for things like injury on or off property, or stolen machinery, a professional might be at risk for things like errors & omissions — or just mistakes — that the professional is not expected to make as a matter of normal business practice.

It’s why getting to know what kind of business insurance you need, or if you need commercial liability insurance versus errors & omissions insurance (yes,