Things to Consider Before Calling Property Owner Insurance Consultants

by | Sep 9, 2015 | Insurance

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Commercial insurance is the most commonly bought type of business coverage, and it can protect business owners against many events and issues. When considering buying coverage initially, or when reviewing an existing policy, a business owner should consider the following three tips in making the right decision.

Buy Enough Coverage

Where business and property insurance are concerned, it’s important for business owners to buy enough coverage to protect themselves. A business should have enough coverage to rebuild a structure or replace contents in the event of a disaster or theft. The property owner should not rely on realtor or tax values; they should work with an insurer to properly value everything. Knowing the value of assets beforehand can help business owners and Property Owner Insurance Consultants easily find the services they need.

Consider Buying Supplemental Coverage

Commercial property insurance covers perils included on the policy as it was written. Certain events are not included, such as hurricane and flooding damage; these events require separate coverage. If a building is in a storm- or flood-prone area, the owner may be required by a lender to buy and keep these policies. Business owners should evaluate the risks for their location and call Property Owner Insurance Consultants to determine if additional coverage is required.

Another type of coverage that is not included on a standard business insurance policy is interruption insurance. This type of coverage helps business owners cover losses when a company is closed for repairs due to an insured event, and it can be bought via an endorsement on a standard property insurance policy.

Look at Policies to Ensure Compliance

When standard business insurance policies are written, they typically do not include replacement or repair of structures in compliance with local building codes. Older buildings are usually grandfathered in, but they don’t always come up to code. Should a disaster happen, the standard policy would not be forced to pay for code-specific upgrades. Such situations can be handled by buying ordinance or compliance insurance as a rider or an additional policy.

It can be difficult for business owners to find the property insurance they need, especially if they are buying insurance for the first time. By following the tips given above, the business owner can ensure that they get the necessary coverage from and that it will pay for repairs necessary to bring a building up to code if required. You can also connect with them on Facebook.