Do You Need Commercial Property Insurance in the Annapolis Valley?
If you run a business in the Annapolis Valley, you probably depend on it for your livelihood. Plus, you cannot afford to let anything happen to your business without being properly compensated. This is the reason behind insurance. In fact, many business owners believe they have full coverage but they find out otherwise after filing a claim (when it's too late).
Defining Commercial Property Insurance
Businesses need several types of insurance and property insurance is one of the most important things. After all, most businesses need a building and it must be protected from many hazards. For example, a customer could slip and fall on the floor and claim disabling injuries, wanting you to pay for them.
Who Needs Business Property Insurance?
Unless you run a business selling door to door, you probably have some type of business real estate. When you own property for business, you should protect it with insurance. Even if you rent your commercial property, the contents are your responsibility and should be insured. Plus, you might make a living renting out commercial buildings. These buildings should have sufficient insurance.
Is a Basic Business Property Policy Sufficient?
You might get by with a "bare bones" policy, but it may not be a good business strategy. Here are some of the most basic of coverage options:
- General liability - covers your business property. For example if someone claims to be injured by your business or property, your liability coverage will pay for settlements and legal costs.
- Fire coverage - can include damage caused by smoke and things the fire department had to do, like spraying water, foam, or chopping through walls or floors. It also may pay for fire department fees.
- Contents - this is especially important if you rent. It can include business equipment like machinery or office furnishings.
- Hazard coverage - pays for storm damage and other weather related issues. You also can choose between all peril or named peril insurance.
Commercial Property Insurance Options
Your insurance person may advise you to consider these options:
- Higher liability insurance
- Other people's possessions - for example, an auto body shop is responsible for the cars they fix, while on their property.
- Income protection - pays if you are temporarily out of business until repairs can be made.
- Expo and Exhibit insurance - if you plan a special promotion you need additional insurance.
- Outbuildings and warehouses
- Flood or sewer backup coverage
Before You Buy Business Property Insurance
Before you decide to take out a new policy or upgrade your current insurance, consider the many benefits that come from doing business with an insurance broker from Russell Insurance Group Ltd.
A broker does not represent one insurance company. He or she is independent and has many companies available. So why is this so good? You have someone to do all your insurance comparison shopping for you, and this is a great way to save time, money, and avoid future financial problems. If you have to make a claim, someone is there to help you through the claims process, too.
With so many benefits, it makes sense to go with an experienced insurance broker. If you would like to find out how much you can save on your insurance, you can give us a call at (902) 847-3274, or check out our contact us page if you want to call the office closest to you.