Different Types Of Commercial Property Insurance You May Forget About

As a business owner, having the proper commercial property insurance is crucial to your finances. This is true whether you are a property owner with tenants who rent the building or you own and operate the business. While most people understand the need for liability coverage in case someone is injured on the property, there are other types of coverage that you may not think about when buying the policy. Talk with your insurance agent about the following to make sure you are completely covered.

The Building 

Accidents happen. When a part of the building starts to fall apart, it can be expensive to replace or repair. This could include roofing issues, foundation problems, or even a wall starting to shift. In addition, make sure that any outside structures and permanently installed equipment are covered. If you live in an area that may be flooded or have other natural disasters, you may need to purchase special coverage for it.

Personal Property

All the equipment in the building needs to be covered. This will include furniture, machinery, and inventory. It is also important to have coverage for any of your clients' and customers' personal property. The coverage should extend to a specified distance outside the building. This would be important if a sign on the building fell on someone's vehicle. In addition, make sure any property you lease is covered as you do not actually own it but are responsible for it.

Business Interruption

If you need to close the business temporarily for other than personal reasons, you should have insurance to ensure you will be able to reopen. This coverage should pay your net income, and may even pay your employees' wages. It will provide you with the funds to pay the normal operating expenses. In addition, if the situation requires that you relocate the business, you will receive compensation to help with that as well.

Depending on the type of business you operate, or if you are merely the property owner, you need to make sure everything is protected with the right type of commercial property insurance. Take some time to consider what could possibly go wrong and search for that type of coverage. Your insurance agent will be of great help with this. They can also ensure you have the proper amounts for each coverage type and that any deductible is reasonable. While some coverage may seem like you will never use it, it is much better than needing it and not having it.

Talk to an insurance provider if you need commercial property insurance.