Fire, wind, explosions, storms, burst pipes, vandalism, and theft are just a few of the risks that commercial property insurance is designed to safeguard your business’s physical assets from. It safeguards your structure and belongings, as well as fences, signage, and other outside fixtures. It is a necessary component of your commercial insurance policy.
You can look to be covered for a variety of risks if you have obtained commercial property insurance for your company. However, you should be aware that business property insurance policies do not cover the following frequent damages.
Breakdown of equipment
Damage to business-owned equipment caused by a covered risk, such as fire or explosion, is covered by commercial property insurance. It will not, however, cover damages caused by device failure or malfunction. Unless your business insurance package includes equipment breakdown insurance, the expense of repair or replacement will be borne by your organization.
Damage from a flood or an earthquake
Damage from floods, landslides, and earthquakes is not covered by commercial property insurance, just like it isn’t covered by homes insurance. The only way to safeguard your business against these dangers is to purchase commercial flood insurance or earthquake insurance. If your business is in a flood zone or an earthquake-prone area, our knowledgeable agent can assist you in obtaining the best quotation for the coverage you require.
Accidents involving commercial vehicles
Your firm’s vehicles are not protected under your commercial property insurance policy, despite the fact that they are the property of your company. You’ll need commercial auto insurance to cover damage to your vehicles as well as bodily injury or property damage caused by a driver’s negligence.
Property Generally Excluded
- Money, security, accounts, and bills are all words that come to mind while thinking about money.
- Wharves, piers, docks, and land
- Vehicles, planes, and boats are all examples of watercraft (with certain exceptions)
- Crops, hay, or grain grown in the open
- Excavation, land, grading, and backfilling costs
- Roads, sidewalks, and other paved surfaces
- Data stored in electronic form
- The cost of recovering data from important records (cyber insurance)
Meet with hour team today
As a business owner, one of your obligations is to make sure you have the correct insurance in place to safeguard your company. Although commercial property insurance does not cover all risks, it is frequently able to supplement it with additional coverage. Our knowledgeable representative would gladly meet with you to discuss your business insurance needs. We can advise you on the types of insurance you’ll need to effectively protect your business and help you in finding the right coverage at the best price.