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

Some of the major property losses for  business is exposed to risk

(i)         Fire Loss : if loss occurs due to Fire

(ii)       Theft : Loss due to theft of assets

(iii) Marine Loss: loss of cargo

(iii)       Miscellaneous loss: motor loss, disability loss , bear and tear loss.

The commercial property insurance protects against all these losses , as such insurance protects commercial property from such perils as fire, theft and natural disaster. The insurance policy depend on Location, occupancy , Construction , usage , nature of business etc.

The insurance policy provides coverage against all these perils at one place