Commercial property insurance can be very helpful in protecting your biggest assets, but there are still many things to note about what it does and doesn't cover. Here are some considerations about how far your commercial property insurance will go.
It Covers Property Damage
Commercial property insurance can cover all of your property, including the building structure itself, any improvements you make, and potentially even the items within the property. You'll need to be sure that your insurance limits are high enough to cover all of the property you wish to insure; some people like to insure their office equipment, while others prefer to only insure the building itself. Either way, an insurance appraiser will want a list and value of all of the items covered by your policy to determine the appropriate limits and premiums.
It Covers Basic Liability
Your insurance policy likely also covers you in case someone is injured on your property. This includes yourself, any clients that enter your property, and anyone who is on the premises without permission (although these payouts may be more limited). Your business is responsible for any physical damage to individuals on the property, whether the accident was their fault or not. This liability coverage can protect you from devastating claims against your business.
It May Not Cover Certain Damages
The insurance claim can get trickier when multiple entities or insurers are involved. For instance, the policy might not cover damage to your property that's a result of an auto collision, even if it's your own automobile. If a contractor damages the property, this can be a trickier issue to resolve as well. The best thing you can do for your business is to make sure that you are covered in all areas; get a commercial insurance broker to provide you with fleet auto insurance and any other instances that apply to your business to make sure that no claims slip through the cracks.
It Doesn't Cover Property Off Premises
Finally, even if you insure your physical property, note that the property is only covered while it's on your premises. You might need to get inland marine insurance to complement your commercial property insurance for items transported outside of your property.
As you can see, there are many nuances to each commercial property insurance, so it's a good idea to review the coverage thoroughly with your commercial insurance broker and pick a policy that covers you in the ways you need.
Share6 October 2016
When I got married, I knew that there were a few things that I needed to learn about the way the world worked. For starters, I had to figure out how insurance worked since I wanted to make the most of my life without worrying about money. I started focusing on the policies that I had in place and gradually moved towards acquiring new life insurance and the like. Having each of these coverages helped give both me and my spouse peace of mind. We both knew if something happened to me that the other would be okay. Check out this blog to learn more about insurance needs.
