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If you've just started a new business or have been asked to handle business insurance renewals, business insurance may seem like a daunting proposition at first. After all, much of the language and jargon in the industry, such as endorsements, compensation levels, and excess periods, can seem foreign at first.

Then there is the matter of knowing which covers to get. You can also get business insurance through sites like

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With the responsibility of ensuring that business activities and property are fully covered from the risks that the business could face, a new small business owner can also be confused by the myriad of coverages, plans and policies available today.

However, business insurance is pretty simple even for newbies, if you break it down from above.

Basically, there are two types of risks that a business can face in day-to-day operations, which are business property risks and business liability risks.

All commercial insurance policies contain elements of both risks, either separately or combined into a single plan. If you need coverage for commercial buildings and the contents of the premises, you will need property insurance. If you need coverage for the work you do, you'll need liability insurance. Most businesses need elements of both.

Commercial property building insurance protects all risks of a business premises and covers loss, property damage and consequential loss on all buildings, outbuildings, fixtures and fittings on the premises. 

Premiums are calculated on the costs of rebuilding the commercial property and will also contain elements of public liability to protect a business against claims by the public of, for example, a wall falling on a passerby.

A Quick Guide on Business Insurance