Every business needs different types of insurance depending on the varying levels of risks. But if you have a brick and mortar or any location that you conduct business, it’s important to know what you need to best protect your business belongings and your business. There is tons of research and statistics on the types of claims filed, but the most common claims are filed under Business Property Insurance. If you aren’t sure whether you are covered in the following circumstances, contact your insurance provider!
Burglaries
One of the most devastating reasons you might need to call your insurance company is if your business has been burglarized. Theft has become increasingly common over the last year. Thankfully, most insurance companies not only cover potential damage to your building, but they also cover the costs of lost or stolen merchandise.
This can remove a lot of worry off your back if this ever happens. Companies that tend to sell expensive and valuable products should invest in this coverage before anything else. Again, if you are unsure whether your policy covers burglaries, contact your provider.
Hazard Damage
This is probably the most obvious case of property insurance because it is similar to personal property insurance. Hazard damage from freak accidents and natural disasters can be covered by insurance companies assuming you have the right policy.
Among the most common hazards are fires. If it is determined that the fire was started because of your company’s negligence, it is possible you won’t get a return. Everyone should participate in fire safety practices in your workplace. There are many steps employees can take to reduce fire hazards. Avoid over plugging specific outlets. Train employees on how to use a fire extinguisher. Turn off lights. These are smart practices that can help protect your business.
Vandalism
Just like there is coverage for burglaries, there is coverage for vandalism as well. Because theft wasn’t involved, most policies and companies will cover vandalism if they already cover the other types of crime.
With the spike in vandalism claims in 2020, it is perfectly valid to be concerned about your coverage and make sure that your policy will respond accordingly. Ask your insurance provider what they can do to help be sure you have this vital coverage.
Could you imagine losing everything in one of these situations? Having insurance is essential for any company, as it keeps your cash in your wallet and protects your business on a grand scale. Don’t regret not investing in the proper policies to protect your business against the unthinkable.
Are you in need of business insurance? We’ve got you covered!
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
