Question

Identify and describe 3 of the major property losses that a business faces, and how commercial property insurance protects against those losses.

Answer 1

Yes, property loss is a sort of unbearable loss to the business, if it is a small business the pain is avoidable and the losses are too. First let us understand what is a property loss. Property losses are the best to grasp, thanks to the tangible nature of the many of the claims. for instance, property loss exposures claims could arise from losses to your building, automobile, inventory, tools and instrumentation and piece of furniture. for instance, if a fireplace destroys your office block, it's known as a property loss exposure. Property loss exposures can even be property and your little business’s accounts assets and accounts collectible. There are variety of property loss exposure insurance policies, as well as car insurance, business property insurance, insurance, contractor’s tools and instrumentation, landlocked marine insurance, and property policies, to call simply some.

Commercial property insurance protects the business from the loss of the property by insuring the property, by insuring the property the business get's the value or the amount of the property worth back from the insurance company (may be not full but to an extent) with a cost. The cost is the premium paid by the business organization yearly or monthly or quarterly or semi annually to the insurance company, and if any property loss occurs if the loss is under the terms of the insurance agreement then the insurance company is liable to pay the business organization the amount as fixed.