Commercial Property Insurance Can Save Your Business
Properly insuring your small business can mean the difference between prosperity and catastrophe. Choosing the right policy will protect your livelihood from fire, flood, tornado and a host of other devastating events. While the thought of paying a monthly premium may have some tightening their purse strings; investing in a quality commercial property insurance plan can save thousands, or even millions, of dollars.
Whether you rent or own, choose a comprehensive plan that meets the needs of your business. There are several different types of policies available, depending on the scope of the company and the location. Research your options carefully to ensure you are getting the best coverage. If your business is in a flood, earthquake or hurricane zone, make certain that your policy includes those additions. A crime addendum may also be offered to protect against theft or damage.
Basic commercial property insurance will typically cover common issues, such as fire or lightening. This type of plan is usually very narrow in reach and may be best for small companies that cannot afford a more comprehensive policy. For protection against water damage from sprinkler systems, rain or snow you will need to upgrade to a broad insurance plan. For complete coverage, drafting a special form policy is the best choice. This will allow you to customize the exact protection you need at a rate that fits your budget. Another benefit for this option is you will not be paying for services that are not applicable to your situation. Speak with an insurance provider for more information about the individual add-ons available.
The pay-outs for an insurance claim depend on the specific company’s regulations. The majority of claims will be reimbursed with the actual cash value of an item, the cost of a replacement, or a combination of the two. Contact your insurance agent if you have any questions about how the monetary value is set on your items. Replacement cost coverage is typically more expensive than a plan that only pays the actual cash value. However, your company will receive more money in the event of a disaster.
By shopping around for the best coverage at a rate that fits your budget, you will find a commercial property insurance company that best fits the needs of your business. The cost of a monthly payment is a small amount to invest for the peace of mind and protection of your establishment. Call our Tampa commercial insurance professionals at (813) 962-3082 and let us help.