Don’t Fall Through the Cracks
Let’s take a look at some of the types of insurances which fall under the category of property insurance but are sometimes not considered by the small business owner. Of course, the urgency of having these coverages varies depending on where your business is located and what the realistic risks are in your region.
Builder’s risk insurance is the insurance which covers your property while it is still under construction. For instance, let’s say you are having a multi-story mixed use building which is going to have shops on the bottom few floors and apartments above them. Now let’s say a sudden and violent wind storm hits and your building suffers damage from it. Your builder’s risk insurance will cover the losses incurred in your building before it is occupied.
Tenants insurance, sometimes called “renters’ insurance,” is often required if your business is leasing space to other businesses or residents. Normally, a commercial lease will require coverage up to a certain limit to cover damages which you make in renovations as well as for negligence by your employees which results in damage to the building.
Business Interruption Insurance
Business interruption insurance protects from loss of income and expenses in the event of property damage or loss. This kind of insurance will pay wages as well as operating expenses for the duration of any shutdown and rebuilding of the business.
While your property insurance will cover replacement of the loss, it does not always cover the cleanup which is associated with rebuilding your property. Debris removal insurance will cover the costs associated with removing debris after a fire, storm, or flood.
In order to avoid missing out on a coverage you may later need, it is a wise businessperson who consults with his or her licensed insurance professional.