Overview of Commercial Property Insurance
Commercial insurance can cover accidents, theft or natural disasters, like fire. This insurance is not just for manufacturers and retailers; this insurance is good for anyone running a business whether from your home or another building you own in Crowley, TX. If you are renting property, check your agreement to see if you are required to provide insurance. Covered property may include:
• Computers and servers
• Company records
• Landscaping and fencing
How Much Does It Cost?
Coverage is dependent on the value of your assets, including but not limited to your building. It may also take into consideration the geographical area, proximity to a fire department, and use of fire-resistant materials in construction. Occupants may also affect a building’s fire rating. For example, you may receive a higher fire rating for occupants who work with highly combustible materials or who are warehousing flammable items. Be prepared to share all of this information with an insurance agent.
What Is Not Covered?
Some losses are not covered by commercial insurance and may require additional policies for adequate protection. Some more common considerations include:
• Flood. You should analyze your flood risk and seek out an additional policy if you are at risk.
• Business Interruption. This covers operating expenses and lost profits for the duration of the work interruption.
• Extra Expenses. Examine your policy closely to make sure it includes coverage to move your business to a temporary location while repairs are completed. Some policies may not cover this adequately.
• Loss of Rents. You may lose rent from tenants after a fire to your building.
Commercial insurance can save your business when you have fire damage or another disaster, but it can be complex and requires diligence in a review of the many policy options. At least you can rely on professional mitigation to help facilitate the claims process in addition to the physical recovery of your building and its contents. For more information, visit http://www.SERVPROcrowleysouthjohnsoncounty.com/.