Many business owners believe their business property insurance will cover damage from a disaster. That often is not the case.
In general, your business property insurance will cover you from a loss of a common risk like an accident, theft, or vandalism. Fire is normally covered under your business property insurance but flooding is not. Disaster insurance may not cover flooding without a flood policy.
In the world of insurance today, there are various packages available to cover a multitude of risks. The key is to maximize coverage without duplication. Working with your commercial insurance agent to figure out specifically what coverage(s) is needed to protect your business property is ideal.
It is very common for business owners to make the mistake of assuming the current insurance they have in place will cover for example, a flood. Only when it’s too late does the owner find out, there is no flood policy in place to pay a flood claim.
Meet with your agent or broker and determine what risks and coverages are available to you. You’ll need to compare policy coverage, premiums, risks, deductibles, and other factors in selecting your final business property insurance.
Like many business people, after weighing the options, you’ll want to choose the most coverage you can afford.
In closing, consider all your insurance needs with one commercial insurance company. Generally, multiple policies are afforded discounts whether personal or business insurance. Don’t hesitate to ask your licensed insurance professional if discounts are available.