A standard form of liability insuranceInsurance which agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury or damage to p... More developed for use in the business sector. It is usually contained in a broader mercantile policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More also covering property loss and business interruption.