The type of business you run may also be a factor in choosing your insurance coverages for commercial property. Insurers sometimes have coverages that are specifically designed for particular types of business. For instance, if you rent or lease your property out to others, you may want to consider a tailored landlord insurance policy, which accounts for the unique property risks facing landlords. Likewise, if you regularly transport expensive property across multiple locations, you will likely need a dedicated inland marine insurance policy. Unlike business property insurance, which covers property at a single location, inland marine insurance is designed to cover property that regularly moves from location to location. Initially a broker-agent will meet with you to discuss your business operations and the exposures that are specific for your industry and business type. click here

The insurance company only replaces damaged property with a similar new property. It does not demolish and replace the undamaged property that the city forces you to knock down! This coverage pays for your net income, employee payroll, and normal operating expenses while your business is non-operational due to a covered claim. Sometimes a proprietary policy can be more robust than even the special causes of loss form, but most of the time it is customized to the detriment of the policyholder in that it limits coverage.

We have insurance policy coverage options for healthcare organizations including medical technology, outpatient facilities and skilled nursing care facilities. So, the greater the risk of damage, the higher your insurance costs could be. When you get a commercial property insurance quote, you’ll be asked about the rebuild cost. There’s no legal reason to get commercial property insurance, although commercial mortgage lenders usually insist you get it as part of getting the mortgage. Liberty Mutual is a solid option for businesses of many sizes and industries, but it distinguishes itself with services to help businesses minimize risk and proactively prevent damages or loss. Liberty Mutual has been rated A+ by the Better Business Bureau and accredited by the BBB for nearly 90 years.

Coverage – The types of damage, incidents, and expenses that will be covered under the policy. Insurers will not cover every possible cause of property damage or loss, so the policy will establish which incidents are covered or not. But natural disasters are only one of many factors that can endanger a business’s property. A recent study from The Hartford found that 40% of small businesses are likely to experience a claim in the next 10 years, and the most common causes included burglary and theft, damage from water and freezing, and fire.

For instance, if your business is in a neighborhood with high levels of crime, your insurer could raise your premiums to account for a greater likelihood of damage or loss from theft or vandalism. Or, if you are located in a part of the country with extreme weather, it may be more expensive to insure your property because of the possible damage from events like lightning, hail, or windstorms. These geographic considerations can significantly impact the cost you pay for coverage. Basic policies are “named perils” policies, meaning that the insurer will only pay claims related to types of incidents that are explicitly listed in the policy.

If you currently have business insurance, the broker-agent will ask to review your current policy. This is a standard practice used to determine the current coverage you have. The broker-agent is comparing limits, exposure bases, business classifications, exclusions, and endorsements in order to analyze any gaps, errors,­ or overlaps that may exist in your current commercial policy. It is not necessary to share the premiums you have paid for your current or prior business insurance, but you should be forthcoming with any other information that affects your business operations. Operating a business is extremely challenging without having to worry about suffering significant financial loss due to unforeseen circumstances.