Similar to how individuals and homeowners get insurance policies as a safety net to keep them financially secure, business owners can also choose from a variety of commercial property insurance policies. However, similar to residential claims, the coverage you choose will make a difference in how much you can get for commercial claims. When it comes to getting the most out of insurance loss recovery, it pays to know what you’re signing up for.
In Florida, commercial property insurance is written by either surplus lines or admitted carriers who are authorized to operate in the state. While the two offer similar products for commercial property, the main difference is that Surplus Lines carriers are not regulated by the Office of Insurance Regulation and that these carriers are not participants in the Florida Insurance Guaranty Fund, which does little to protect your investment if the insurance provider goes bankrupt.
Commercial Property Insurance Types
Commercial property insurance covers your business, assets, and your employees, which is why it is crucial to get it right the first time. Commercial property insurance comes in various types:
Flood Coverage - As the name implies, this covers damage to your property due to flooding, which is otherwise not included in normal commercial property coverage.
Lost income - When disaster strikes your business, it is likely going to hinder everyday business processes, which means a loss of income. A lost income coverage will help cover costs such as electricity bills and other business-related expenses while your business is closed.
Equipment Coverage - This coverage covers any equipment that might get damaged. If you need to replace damaged equipment, then Contents insurance could help cover the costs of getting replacements.
Building Coverage - This is mostly to protect building owners and helps cover the cost of damage to the building’s structure.
It is important to note that while standard commercial insurance policies cover damages due to fire, vandalism, or theft, they often exclude hurricane damage, which is another factor that you should consider when getting commercial property insurance.
You will need to make the right choice in commercial insurance coverage depending on your business’s needs. Also, choosing the right commercial insurance will also make it easier for the public adjuster to do their job whenever disaster strikes, which will be more accurate than getting assistance from a designated insurance adjuster. Still confused? Contact Affiliated Adjustment Group to find out more.