Purchasing insurance for your business is a no brainer. In today’s economy, most business owners cannot afford to take any chances. You may find yourself confused as to what kind of coverage you will need for your business, especially when it comes to the property itself. Usually, purchasing what is called a Commercial Property insurance line is the best choice for businesses.
It is important to understand what is generally covered and what is considered “property” of your business. Almost every insurance agency will have a different definition of what is considered “property” of a business and what will be protected under a commercial property insurance line. In most general commercial property insurance policies, the actual structure of your business is covered from events of “peril” (i.e. weather-related damage) and causes of loss (i.e. robbery). However, the “belongings” of your business are usually not covered unless you purchase additional coverage. Depending on the practices of your insurance agency, some standard commercial property insurance lines will cover what is considered to be business equipment and monetary losses accrued after events of “peril.”
A bare-bones commercial property insurance policy will cover the physical structure of the building your business is contained, and usually nothing else. It is rare to find a standard policy that will include enough coverage for equipment, etc. Every policy will differ in terms of which events of “peril” is will cover as well. Whereas one agency may offer you a policy that includes flood damage standard, another agency may require you to purchase additional flood coverage in the form of a separate policy. Make sure you look over what every agency has to offer you and know the details of their commercial property insurance lines. If you find that you still need additional coverage on a policy that you have chosen, many insurance agents can offer you discounts for combining your commercial property line with other business insurance lines.
Business owners in Florida should contact Protection Connection Insurance for more information on comprehensive business owner policies and commercial property insurance lines. The Jones Group has formed the Protection Connection to provide Floridians with fast, easy, and secure insurance shopping on the web. Visit our virtual insurance office at www.protectionconnectioninsurance.com or call us toll free at 800.925.0759.
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