Is Your Business Ready If Disaster Strikes?

7/11/2019 (Permalink)

Commercial insurance can cover a variety of areas and elements of your property

Whether you own or lease your business property in Sun City Summerlin, NV, your business needs protection from catastrophic loss. Commercial insurance protects your business assets from loss due to several events:

• Fire damage or explosion
  
• Water damage from storms, plumbing failure or firefighting efforts
  
• Theft and vandalism
  
• Natural disasters
  
• Other specified perils, such as earthquakes and floods
  
  

Read on to learn more about this type of insurance and how it works.

What Affects Your Premiums?

Unlike homeowners insurance, insurance premiums for commercial properties are usually a tax-deductible business expense. Your insurer will base your premiums on several factors:

• Construction – Are your premises and additions built with fireproof materials, as well as upgraded wiring and plumbing?

• Business use – A retail store or manufacturing company can have higher premiums than an office. Do you operate a hazardous business? Even sharing your premises with such a business can have the same effect.

• Location – Is it prone to storms, wildfires, high winds or other natural disasters?

• Protection – Are you near a fire hydrant or fire station? Does Sun City Summerlin, NV, have generally good fire protection? Does your building have a fire alarm, sprinkler system, or security system?

What Is Covered?

Commercial insurance can cover a variety of areas and elements of your property:

• The building itself, as well as exterior signs and additions
  
• Furniture and fixtures
  
• Business equipment and computers
  
• Manufacturing equipment
  
• Landscaping and fencing
  
• Business and tax records
  
• Inventory
  
• Property belonging to others
  
• Remediation costs such as cleaning and restoring fire damage
  
  

Land and foundation are not usually covered. Some high-valued items might need itemization in the policy at additional premium cost.

How Can You Keep the Process Quick and Painless?

Carefully document your property with photos and receipts. Read your policy carefully to be aware of exclusions, limitations of coverage, and deductibles. After experiencing a loss, keep receipts for cleanup and restoration services for smoke, water and fire damage, both to the structure and to its contents.

A disaster at your commercial property doesn't have to be an endless source of headaches. With planning, commercial insurance, and expert building restoration services, you are far more likely to make a disaster look “Like it never even happened.”