What does a Commercial or "Business Owners" Insurance Policy Cover?
A Commercial Property Insurance policy covers a business for loss to its "real" property - buildings; personal property - contents, equipment, furniture, fixtures, and inventory and business incomes/extra expense coverage. The coverage can be written in a variety of ways, based upon actual cash value, or replacement cost, basic or broad form coverage, specific of blanket insurance. It pays to seek the advice of an insurance professional to help you identify your specific needs
There are usually (3) Types of coverage that a Commercial or Business insurance policy covers.
1. Property Coverage - Property coverage assists the insured to help fix or replace any damage that occurs from a variety of different perils including fire, windstorm, tornado, or others. It can help in assistance for business' owned by your building, and also the business contents such as the supplies, furniture, office equipment, or supplies.
2. General Liability Coverage - General Liability coverage protects the business against possible liability suits against your business that would be needed to help pay for hospital bills, legal fees, or medical expenses incurred due to you or one of your employees negligence.
3. Business Income Coverage - Business income coverage is usually used to help protect your business in the event a covered loss prevents your business from making any income due to the loss, or makes the business temporarily unable to generate any income due to the loss. This is also known as business interruption coverage. For a full analysis on what you might need covered, please give us a call and we will point you in the right direction!