In commercial real estate, the "Standard Policy" is just the starting point. Sophisticated buyers and lenders require a suite of ALTA Endorsements to cover specific risks.
ALTA 3 (Zoning)
This is the big one. It insures that the land is zoned for your intended use (e.g., "Multifamily Residential") and that the existing structures comply with zoning laws. Lenders almost always require the "3.1" version for completed structures.
ALTA 17 (Access)
Standard policies insure you have legal access to a public road. The ALTA 17 insures you have actual vehicular and pedestrian access to a specific street. This protects you against "landlocked" parcels or strips of land blocking your driveway.
ALTA 19 (Contiguity)
If you are assembling multiple parcels for a development, you need to know they touch each other without any gaps. The Contiguity endorsement insures that Parcel A is contiguous to Parcel B.
ALTA 9 (Comprehensive)
This covers a grab bag of restrictions, easements, and mineral rights. It insures that no future exercise of a mineral right (like drilling for oil) will damage your improvements.
Conclusion
Title insurance is a negotiated product. Don't just accept the commitment as written. Ask for the endorsements that match your deal risks.