One of the most common types of business insurance is commercial property insurance, which provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, wind and other natural or manmade disasters are examples of what is typically covered.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent insurance agent, SIA can help you determine the type of insurance policy and range of coverage that is best for your business.
For a full list of coverage available, or to learn more about this business property insurance, contact us today.
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give us a call today, and we’ll help you determine if you have enough commercial property insurance for your business.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask us to review your insurance policy, and we’ll help you find the best solution.
Business personal property insurance covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Your portable tools and equipment are constantly moving along with you and your business. Because they do not stay in one spot like typical business property you need special broader coverage to protect them. This is where an Inland Marine policy for your tools comes into play. Despite its name, an Inland Marine policy isn’t for boats. It’s meant to cover items that don’t stay in one place. Beware the parking lot theft! It is a common exclusion for an Inland Marine policy not to pay for a theft loss to your portable tools & equipment if there was no evidence of forced entry. Be sure you secure your tools so that coverage will apply. If you own portable tools & equipment and they are covered along with the rest of your property you may have a coverage issue. Talk to our agents to discuss what coverage is best for your business.
Many tenants are required to carry some level of insurance coverage by their lease agreement. You can forward our agents a copy of your agreement and we can interpret the lease requirements for you. Also, don't forget to insure your tenant build out! You spent lots of money building out your space the way you wanted it and if your space is destroyed by fire the landlord will only return it to the way it was before you moved in. Also, did you know that if your negligence leads to a fire in your building that you may not have enough coverage to rebuild your space? In such an instance your General Liability insurance pays for the rebuilding of your building with the exception of the space you occupy. The space that you occupy is rebuilt using a separate coverage called Fire Legal Liability. Many General Liability policies have a Fire Legal Liability limit built in, but often it is too low to fully pay for your space. Make sure that a fire beginning in your office won’t cost you hundreds of thousands out of pocket by double checking your fire legal liability limit today.
SIA understands the Roswell business insurance needs of our customers. The right coverage for you is unique – call us today to find out how to protect your business and your future with the right insurance.
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