06 Feb Open For Business
You have put a lot of time and energy into your business and you want to make sure it’s protected. That’s where commercial insurance comes in. Commercial insurance coverage will protect your business from a variety of risks.
If you’re not sure if purchasing commercial insurance is that important just imagine what would happen if you had a pipe burst, or even a fire, at your place of business. It could wipe you out completely if you don’t have proper insurance coverage.
So what does commercial insurance cover? Basically, commercial property coverage includes things like the building, outdoor signs, fencing, inventory, and office equipment. The specific things covered by this type of policy may vary between carriers and policies that is why it is so important to have a policy that meets your individual business needs. There are also endorsements that can be added to provide additional coverage if needed.
Another important thing to consider with a commercial policy is whether it covers losses based on the actual cash value or replacement value. If you chose actual cash value (ACV) your loss claim will be paid at the value minus depreciation. A policy that pays replacement cost (RC) will cover the cost of repairing or replacing your items without subtracting depreciation. Sometimes this detail can be overlooked but it is extremely important to your business if you should submit a claim.
So, finding the right commercial insurance policy is crucial to your business. It is best to fine an agent who will understand your individual business needs and make sure you have proper coverage. They can be an advocate for your claims and should advise you on avoiding risks. You will also want an agent who will review your coverage annually and look at the entire marketplace to make sure you are getting the correct coverage for a fair price.
Call Jake, The VanDyke Group’s commercial agent, if you need assistance.
Want to save money? Let us help you.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.