• Basic — The minimum you can have. It will protect the company against fires, storms, floods, and vandalism. • Broad — This is the basic coverage plan plus window or structural damage plus water damage. • All-Risk — This covers everything the other two cover in addition to theft and any other physical loss. Take note that risk of theft is only covered in the last type of commercial-property insurance. This is why inspecting and knowing your building’s after-hours security is important. A lot of the time, both this and liability insurance are required for your loan, but as I said before, that’s not always the case. Making sure all your property is covered is mandatory, even if your loan doesn’t require you to.
LIABILITY INSURANCE
This is always completely mandatory in an office or any type of business area. If any type of accident happens on company property, the victim will need compensation for their bills and injuries. One lawsuit of this nature could wipe out an entire company, no matter the size. This is why liability insurance is so important. General liability insures your company against claims for bodily injury, accidents, even libel and false or misleading advertising, and the costs of defending against lawsuits or any settlement bonds or judgments. You never know what could happen and a simple slip from a client, visitor, or anyone on the property can result in a suit for damages.
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