Understanding Commercial Insurance

5/11/2022 (Permalink)

Do you have Commercial Insurance coverage?

Commercial Insurance: An Overview

If you own commercial property in Overland Park, KS, the chances are that you have a commercial insurance policy. It protects you in the event of a disaster that causes damage to your building or land. However, if you haven't reviewed your policy in a while, it can be good to brush up on what it covers.

Commercial Insurance Definition
An insurance policy for your property helps pay for perils that affect your business. These can include:

• Theft
• Natural disaster
• Fire
• Vandalism
  
  

You may also have other types of coverage, such as commercial liability insurance. They are often bundled together.

Property Insurance Coverage
If your company property experiences a peril, your coverage helps pay for expenses related to the peril. If you have a building that sustains fire damage, for example, you can have several types of damage. The fire itself can cause destruction, but so can heat, smoke, soot and water.
Your insurance policy helps pay for professional restoration services, repair and remodeling of your building, and replacement of assets such as furniture, fixtures, inventory and equipment.
Flood insurance is a separate type of coverage that is not included in commercial insurance policies. It's a good idea to talk to your agent about flood insurance to find out what coverage you require.

Cost of Property Insurance
What you pay for insurance depends on the location of your property, the type of weather your area experiences, and the type of assets and inventory in your building. If your business is in an area known for natural disasters, your premiums are probably higher than those in a location with milder weather.
It's a good idea to shop around for insurance. Different companies offer different policies and discounts. If you haven't reviewed your policy in a while, take the time to call your agent and review your coverage before you need it.