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Commercial Property : |
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say the worst happens: a fire breaks out and you lose
your inventory; a hurricane sends a tree smashing down
onto your office; your business is burglarized. Your
ability to recover from any one of these disasters is
heavily dependent on your property insurance. Property
insurance protects your business against physical damage
to, or loss of, your assets. Assets, broadly defined,
include the area in which your business operates and
the property housed there. In the case of catastrophes
like fire, explosion, theft, or vandalism, property insurance
helps cover your costs - whether it's to repair damaged
property or replace what you've lost.
The way you are
covered for property insurance varies from policy to
policy in two main ways: |
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- The property that is actually insured
- The type of events that lead to the loss
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In terms of property, some policies cover basic equipment (building structure, furniture, inventory, equipment, and supplies); others insure money and securities, such as lost revenue or cash on the premises, and hard-to-replace records, such as accounts receivable, from damage or loss. Events that do damage are known as perils or causes of loss, and include weather-related events such as lightning strikes or hail, or human causes such as robbery or vehicular accidents.
There are two types of policies available to cover perils: |
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Named-perils policy , which
covers losses resulting from only those perils
the policy names; and
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All-risk policy (a.k.a. special form coverage), which
offers coverage for all perils except those specifically
named. Most companies are better off with all-risk
policies (which typically have higher premiums),
and usually can pick and choose coverage for
additional perils if necessary.
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For businesses that don't qualify for a Business Owner's Policy (BOP), which lumps property insurance together with liability insurance, it's a good idea to purchase property insurance a la carte to make sure your business is protected. You should take a complete inventory of all your business property, determine its value and decide what's worth insuring. Make sure the items you want to cover are provided for in the basic policy; if not, buy more coverage.
General guideline when thinking about what type of property to insure: |
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- Buildings and other structures
- Any outdoor property such as signs or fences
- Mobile property such as construction equipment or automobiles
- Machinery
- Furniture, equipment, and supplies
- Inventory
- Leased equipment
- Computers and other data processing equipment
- Records, valuable papers, books, and documents
- Money and securities
- Intangible property such as trademarks and logos
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| Insurance companies evaluate potential policyholders in terms of the risk of loss they pose. Businesses that appear to be relatively high risks generally pay more for insurance coverage, and might have trouble obtaining coverage from some companies. Some elements of risk are difficult to control, other risks are easier. A business property with neat, orderly grounds is much less at risk of fire than one with debris piled next to buildings. In fact, risk of loss from fire is one of the main factors determining the cost of commercial property insurance. Building or leasing a fire-resistant building should lower a business's insurance premiums dramatically. |
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Probably the easiest way to identify your exposure to risk is to carefully consider each of your business operations and identify what might cause a loss in relation to that operation. Consider, then, how costly the loss might be. An agent can provide you with a risk analysis questionnaire or checklist to help guide you and keep you from overlooking any exposures. Here are few best ways to reduce your risk of loss to your property:
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- Check smoke detectors on a semi-annual basis and maintain written records
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Maintain all fire safety equipment
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Maintain emergency lighting and illuminated exit signs in proper working order
- Develop a daily inspection routine of the premises, taking immediate steps to correct any hazards
- Maintain neat, orderly grounds
- Build or lease a fire-resistant building
- Avoid overloading electrical outlets
- If you live in a flood-prone area: determine
whether your property is above or below the flood
stage water level, know the history of flooding
in your region, the warning signs of flooding and
the items you need to be prepared.
- Keep
disaster supplies
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Different types of business property insurance policies protect against different risks or perils and we can tailor affordable insurance coverage to fit your businesses needs. Please ensure you complete the quotation form below as accurately as possible. If you would rather speak to one of our representatives,
please Call (973) 836-0310 or e-mail: commercial@horizoncoast.com to setup a confidential consultation. |
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| Completion of this form is for informational purposes only, and is just an estimate and is not a statement of contract. Coverage may not apply in all states. This WILL NOT result in a new policy, or change to an existing policy. For complete details of coverage, conditions, limits and losses not covered, be sure to read the policy, including all endorsements |
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