Posted on: 28 October 2022
If you have a commercial property and you don't think that your insurance plan is enough, or that the property wasn’t assessed properly, you will want to talk with a couple different insurance professionals to get new quotes. Not only will they see what the cost is, but what those other insurance professionals put in their coverage plan.
You want to be protected from property damage or loss, and liability concerns. Talk with the commercial property insurance agent about these different things.
Physical Insurance Coverage Needs
A professional commercial insurance agent needs to come to your commercial property to properly assess the type of coverage you need. This isn't something you should try to do online. The agent will evaluate the following:
- The structure of the building
- All office furniture, supplies, electronics, and items inside
- Landscaping or exterior features
The policy will include coverage for all these things. Weather, theft, and other issues could arise, and you want to be sure that each item inside the building is safe.
Liability Concerns on Property
You need to cover yourself if something happens to others because of your business or property. You need coverage if someone gets injured while at work, is sick because of a work-related incident, or a spreading illness, and wants to sue you. Talk with the agent about all the liability or casualty insurance coverage you need. If this is a building where people are performing dangerous tasks, don't skimp on coverage.
Unique Insurance Needs for Your Property
There are specific things about the type of business you have, or the location, that may make you need special coverage. This could include being close to a lake or river where flooding is an issue or being near a quarry where there are explosions. If the industry or trade taking place in the building makes the property at a higher risk for a fire or chemical spills, these are also added coverage you may need. The insurance agent will see all this when they tour.
You don't want to skimp on the coverage you need, because it could end up costing you hundreds of thousands of dollars later. Compare the two quotes that you get, or get more, so you can be sure that you are protected, and you are getting a fair price. Getting the right type of insurance and being properly insured is best for your investment as a business owner, and for your employees.Share