What Does a Commercial Property Insurance Policy Cover?

1/11/2019 (Permalink)

Commercial storm damage in Vancouver, WA

What Does Commercial Insurance Cover?

Whether your business is big or small, new or old, property insurance is something you need. Despite how far reaching these policies are, there are important things that they don’t cover. Do you know the difference? Learn more about what commercial insurance can cover and how it benefits your Vancouver, WA, business.

Commercial policies are known for covering your building and all its contents, as well as things immediately outside of it. That list is long and can include:

• Computers
  
• Inventory
  
• Furniture
  
• Signs
  
  

But for all the things they do cover, these policies have many things they don’t cover. Knowing what those are can be important to avoiding complications following a disaster.

Weather Damage

Some commercial insurance policies limit coverage of damage caused by things like earthquakes, hurricanes, tornadoes and floods. Policies that do provide such coverage may have limitations, such as not covering outdoor property such as company vehicles or fences. It’s generally worthwhile to check your policy if you’re in a weather disaster-prone area.

Disaster Cleanup

Commercial property insurance typically is meant to float a company through a great loss, natural or manmade. But that doesn’t always mean it will cover the costs of cleaning, rebuilding, repairing, and such following the loss. Discuss what is covered and isn’t with regards to mitigation and remediation well in advance of a disaster so you don’t get a rude awakening.

Outdoor Property

Most policies limit their coverage to items inside the building, but some will cover property up to a certain distance away. This can be critical when it comes to damage of satellite dishes, fences, signs and other outdoor property.

Bills from fire damage or another business catastrophe can be enough to send a commercial property under. But the story doesn’t have to end that way. Learn the ins and outs of commercial insurance policies, and you’ll know what to look for to protect your business.