While there are many types of business insurance available for businesses of all shapes and sizes, commercial insurance tends to cover commercial properties and workers’ compensation liability for those who work on and may be injured on those properties. Commercial insurance can cover a variety of property features depending on what kind of business you have, and what kind of liability you are most likely to address. Here are a few highlights of the types of property coverage you can get with your commercial insurance policy.
Property Insurance – Property insurance covers losses or damages to your property. This usually includes damage done by severe weather events, fire damage, smoke damage, and water damage to name a few. Your business may require a little bit more insurance to ensure that you are safe in the case of serious damage to your building. The following is a list of extended coverages you can purchase for your business if you need them.
Boiler and Machinery Insurance – Though your property insurance covers you should your machinery or boiler be damaged by a flood or fire, you are not normally covered if these machines were to break down accidentally. If you run a business that requires heavy machinery to make things run, this may be important coverage for you.
Builders Risk Insurance – If you are building a new structure for your business, this insurance covers you should your new structure receive damage during construction. An example would be hail damage destroying part of the exposed structure. Without this insurance, you may not be covered for damage like this.
Glass Insurance – If your storefront or business suffers damage to plate glass windows due to someone else breaking them, you are covered.
Business Interruption Insurance – If your business suffers major damage, you may have to be out of business for several months while you fix the damage. This type of insurance will cover lost wages and income while you rebuild.
Ordinance or Law Insurance – This coverage is best if you own an older building for your business. Basically, if your building gets partially damaged (at least 50%) and you need to demolish and rebuild from scratch you are covered for the cost of the brand new and up-to-code building. Standard insurance will cover the loss of the old building, but it may not cover the extra cost of creating a new building that is up to code. This is where this insurance comes in.
Tenant’s Insurance – If you rent a commercial building, this offers you extra coverage for the items you put in the building that are not covered by your landlord’s insurance.
Crime Insurance – Should you ever be robbed or subject to another crime, this insurance will cover you and your lost merchandise, money, stock, securities, or fixtures.
If you are not sure how much insurance is right for you, talk to an experienced Commercial Insurance agent. ABCO Insurance Agency can help. We’ll get you competitive quotes, and our team of agents will help you find the right coverage for you that you can afford. Call today for more information.
Learn more about Commercial Insurance here – http://abcoinsuranceagency.com/business-insurance/