What Will Your Commercial Property Insurance Cover?

4/20/2020 (Permalink)

Commercial insurance

What Will Your Commercial Property Insurance Cover?

You could go years without having to make a property insurance claim for your business. However, when you need it most, your commercial insurance plan will be there to provide relief from emergencies and disasters in your building. Make sure you read through your policy and understand what your coverage entails. This way, you won't be surprised when you file a claim.

Fires
Your insurance coverage should take care of any fire damage your building suffers. An exception would be if you started the fire on purpose. Even if a fire starts in an adjacent building in Weaver, NC, but yours still suffers smoke damage, your policy should honor your claim.

Water Damage
Be careful when you examine your commercial insurance policy when you get to this portion. While your plan will cover certain types of water damage, it won't cover flooding from a sewer backup, a break in the main water line or an overflowing body of water. Your policy will accept your claim if the damage occurred from:

• A leaky or burst pipe
• A sudden, unexpected malfunction of an appliance such as a dishwasher or water heater
• Defective plumbing equipment
  

Storms
Your commercial policy should also take effect if your building suffers damage from a storm. This could happen from heavy winds blowing a tree on your building or hail ruining part of the room.

Other Limitations
Property insurance won't cover earthquakes. If you live in an area where these are more possible, make sure you speak to your agent about adding this coverage to your plan. Insurance will deny your claim if there is damage due to your neglect and failure to properly maintain systems and materials in the building. In this case, you would have to pay a professional disaster cleanup company out of your own pocket.
You may not think much about your commercial insurance until you need it. Study this list so you are aware of what it covers.