A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies.
It is important to evaluate your organization’s specific needs:
- Building: Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs?
- Flood: Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage.
- Business Personal Property: Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location.
- Business Income (Business Interruption Coverage): This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire.
- Electronic Data Processing (EDP): This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
As an independent agent, we can help you determine the type of insurance policy and range of coverage that is best for your business. For a full list of coverage available, or to learn more about this product, contact us today at 800-822-3694.
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