What does commercial property insurance cover?
It covers buildings, stock, equipment and other contents that you own, lease or can be held legally responsible for. You can purchase All Risks or Named Perils cover.
What it doesn’t cover?
All Risks doesn’t mean that anything and everything is covered!
Exclusions are placed in insurance policies for things like war, nuclear hazard, pollution, inventory shortage. There are also limitations for certain items that are higher hazard or should be insured specifically.
What about property that moves around?
Tools, Contractor’s Equipment, Property being transported are examples of property that are subject to a higher risk and should be insured specifically. “Floater coverage” is designed specifically to provide insurance for that property.
How much insurance should I buy?
It depends what you would like to recover in the event of a loss.
Do you want to replace the property or take a cash pay-out? Check out this blog which explains co-insurance.
How can I save money on my property insurance?
The premium charged will consider the Construction, Occupancy, Protection and Exposure. (COPE)
We can look at higher deductibles, transfer of the risk to another party under contract and most importantly risk management techniques that can help you prevent a loss. An inspection of the premises will help identify areas improvements can be made to reduce the risk and qualify for lower premiums or certain policy discounts.
We can help you through that maze that is insurance to make sure you are protected.
Your Partner in Protection.
Have a Question?
Drop Heather a line!