Have you ever experienced disasters like storm surge or fire that damages your property big time? Whether it happened to you or not, just the thought in itself, is a situation you wouldn’t want to go through. Imagine investing your money, effort, time, and all that you have, and when it’s finally gaining its momentum, suddenly crashes in a snap without having it insured, and you end up starting from scratch again? The financial matter is an issue. It plays a significant role in every aspect of your establishment. It’s the backbone and the reason why you have put up your business in the first place. If you have Commercial Property Insurance, and if any unwanted circumstance happens, you are secured that someone will have your back, and the burden is much easier to carry. At Risk Managers at Ephraim, UT, we make sure your property is protected to give you peace of mind, serving since 1985.
Common Commercial Property Insurance
There are two common types of insurance most businesses have. It is commercial property insurance and general liability insurance.
General Liability Insurance
In any case that a person got injured or filed a complaint against your business because of damage, the general liability insurance policy usually covers the expense. For example, if you are running a recreational center business like Disney land type. Accidents can happen and are not controllable. It could be from a faulty ride or a debris fall off the head of your customer. If you are running a restaurant, food poisoning can happen, or severe allergic reaction triggered by the food you served can occur. Sometimes, even a person who falls because of an out balance can make the company liable for the injury. Anything that happens within the premise of the establishment is usually the owner’s responsibility. Not only that, you have to settle for the medical expenses, but also have to meet the demands of the complainant. Having a General Liability Insurance saves you from it. Although it cannot clear out the ongoing settlement, the insurance helps out cover the liabilities. However, the coverage will depend upon the policy you choose.
Commercial Property Insurance
Commercial property insurance is an insurance that protects your business structure and its properties. Extreme damages such as crimes and force majeure are usually the aspects the policy covers. For example, your establishment suddenly got into a fire, equipment is damaged, and worst, your structure is dilapidated. It’s almost going back to zero as you assess and restructure your company. If this happens and you have commercial property insurance, all you need to do is file the incident report and other requirements to your insurance firm and wait for it to be approved. Once approved, the insurance can now start helping you repair the damages.
Despite the insurance covering most damages, don’t expect a 100% payback for all types of damages. The percentage and the coverage vary on your availed policy. You can have the range extended for premium insurance. Make sure to review the policy offered to you and other options. It will help you decide which types you want to cover or if you want it customized as per your company’s needs.
What Are The Common Coverage of Commercial Property Insurance?
Commercial Property Insurance generally covers your building’s physical assets, like your furniture, your water pipes, and your manufacturing or processing equipment. If, in any case, that you encounter a burglar, the said insurance could also cover its loss. It can also cover the ordinance or law coverage, equipment breakdown, sewer or water backup, and outdoor signs as your additional option for the insurance. Accidents don’t happen often, but it does occur from time to time. Lucky if you don’t experience it, but for those who did, getting insured is a must.
How To Check If A Company Has Insurance
If you are renting building space, your landlord will usually show you their commercial property insurance. Some also put their policy number on their website. If they fail to hand you the documents, you can always request a copy because it is your right as a tenant. It is a straightforward approach. Once you get their policy number, make sure to check the validity date. Sometimes, the renewal of the insurance may be forgotten. It because of the many things the company has to deal with all the time. Although Insurance companies send reminder notification, delays can happen.
What Are the Things You Should Consider When Choosing the Best Commercial Property Insurance?
There is a lot of insurance here and there, and it doesn’t mean you have to go where your eyes meet. Choosing your insurance company is like shopping for a car. When you shop for a vehicle, there are different factors you consider and research for your need. The first thing you usually take into account is your primary goal. Who will use your car? Is it for you? For a family? For Leisure? For Long Trips? Or for Mountain car use? Once you identify your goal, your next checklist is the brand. You review the pro’s and con’s and next to check is the locale.
Then comes your questions, is it available in your area? How can you attain this? Then comes the best part-checking its functionality. Your agent will explain how it works and what your car can do for you. The process of selecting your commercial property insurance works the same way. Check the locality of your insurance holder so they can be of reach easily. You don’t want to get insurance on another county miles apart from your business. There are also limitations when it comes to its branch coverage. Look around your area and gets bits and pieces of information for you to review. Talk to your insurance agents for a better understanding of the policy. However, don’t just rely on it and make sure to review the black and white description coverage you are getting. Once you avail your insurance and something happens, your insurance tells you that it’s not covered. Your initial tendency is to frantically freak out, especially if it’s huge damage involve. It is the common mistakes of those who avail insurance of not double-checking the facts before availing. It’s like signing a contract without checking its bits and pieces of information that can later be a problem. The company’s responsibility is to review the documents and not blame the insurance agent, only because the terms were verbally discussed if you fail to grasp or have a misunderstanding.
Thoroughly examine your coverage and if you feel that you need more or want to omit a particular range, talk to your insurance agent. It is always better to secure your assets than regret it later on. Although your insurance policy’s price is a factor to consider as it may be costly, depending on your need, it is still worth it. Did you know that commercial property insurance can also cover income loss? Risk Managers at Ephraim, UT, have different commercial coverage that you can avail when things don’t go as plan in your business. Get your company’s physical assets insured, contact Risk Managers – your trusted insurance company.