If you hire a business space for commercial purposes, you need to buy insurance to protect it and ensure its security. Then, in case of an accident or damage, you can apply for the insurance claim and compensate for the financial loss incurred.
Much like your personal property (your home or vehicle), your office space or commercial property should be insured as accidents might occur. Without insurance, you will have to shoulder all financial burdens that will burn a hole in your pocket. Again, you must be aware of the terms and conditions of the insurance before buying it. For filing for an insurance return, you can hire the Louis Law Group firm, a Commercial Property Damage Insurance Claim Attorney Firm in Florida whose expertise will ensure maximum benefit in attaining insurance claim returns.
Before buying Commercial Property Damage Insurance, you need to know the following:
1. What is commercial property Insurance?
Commercial property insurance is also referred to as commercial property and casualty insurance. It protects from damage inflicted on the property by storm, theft, plumbing issues, fire or other physical destruction, etc. This policy pays for the property, its contents, and the effect of income or business loss caused by the damage. However, before buying the insurance, you must pay attention to the current policies and the coverage options.
2. What are the different types of commercial insurance?
There are several types of commercial insurances based on the variety of risks and unpredictable situations that might occur and inflict severe damage to the commercial property.
The insurances are as follows:
Commercial Property Insurance – It protects the business properties and their contents from all disasters and risks and covers the business loss caused by these.
General Liability Insurance– It covers any form of personal injury caused during the property damage within the commercial property premises.
Professional Liability Insurance– It covers the damages that occur due to your actions or lapses. For instance, if you neglect any electrical appliances and the circuit collapses, causing fire, it is not covered by general liability. Instead, professional liability provides coverage to such damage.
Commercial-Auto– It provides coverage to the vehicle used for business purposes and any physical injury caused by accident. Again, it includes coverage for the harm caused to the others due to the particular vehicle.
Commercial-Umbrella– It enhances the business’s liability limits and assures protection from risks.
Employment-Practices-Liability– It provides coverage to businesses where a worker claims that the company has violated his rights, such as discrimination, sexual harassment, or wrongful termination.
3. What does a commercial property insurance policy cover?
In the case of a commercial property insurance policy, it offers coverage to the commercial property, including the building and its content. The building exterior, outer fixtures, outdoor signs, and even the boundary or fence are also covered by this policy. So, the commercial property insurance policy covers the electrical appliances, machines, office computers, furniture, files and documents, the inventory, and other parts o the property. So, any damage inflicted upon these is reimbursed by the insurance claim. The insurance protects in the cases of damage caused by theft, vandalism, fire, storms, etc. However, it does not offer coverage in natural disasters like floods and earthquakes, much like the homeowner’s insurance. If you make an exceptional addition to these and pay extra premiums, it might get included. Again, if you live in any geographical area susceptible to floods or earthquakes, the policies might include these clauses and offer coverage.
4. Is theft covered under commercial property insurance?
Commercial property insurance covers theft, but there is an exception in this coverage, and it is vital for the policyholder to be aware of it. The policy covers all contents in your business property only if it is stolen from the commercial property. However, suppose those contents are stolen from around 100 feet away from your insured property. In that case, those items will no longer be part of the coverage as it remains no longer a part of the business personal property. Instead, those items will become part of the inland marine policy. So, if your crew moves a laptop from your office to another site, its theft will come under the inland marine policy. The inland marine policy provides coverage to products that were shipped overseas. At present, the insurance policy includes the products that are in transit on both water and land. So, any office property stolen 100 feet away from the office premises is part of this policy. In addition, this inland marine policy covers all portable objects that you can move from the business site to other places.
5. How much does it cost to insure a commercial building?
Several factors determine the cost of insurance and the premium amount. The value of the business and the nature of risk involved in the company decide the premiums. The insurance cost depends on the construction of the building and the materials used in it. The present condition of the building, its vulnerability to damage determine the amount, the plumbing system and fire escape infrastructure are also considered. The location of the building and its rent amount establish the value and its market demand. The owner, the traffic that your business generates, the nature of your business, the number of customers are other crucial factors that the insurance company analyzes. If the neighborhood is susceptible to risks, the rate of return is higher. The policy also analyses safety measures in the building like a fire escape, alarm system, water sprinkler system to control fire, etc.
Once you gather in-depth knowledge about these five essential aspects of the commercial property policy, you can proceed to buy the insurance for your commercial space. In case of any unfortunate incident causing damage to the property or its content, you will be able to attain the insurance return to compensate for the loss. You have to file for the returns, and you can take the assistance of a professional to evade any complications or errors. As listed on Lawyer Roll, you may hire a Commercial Property Damage Insurance Claim Lawyer in Florida to handle your case and negotiate with the insurance company to guarantee the appropriate claim amount.