Types of Commercial Insurance
It’s important you know some basic things about commercial insurance when you’re about to get coverage for your business. If you would like to talk to a professional, Integrated Insurance Advisors LLC can assist you.
1. There are different types of commercial insurance.
Yes, that’s right, there are different commercial insurance policies you can get. This includes General Liability, Professional Liability, Employment Practices Liability, Commercial Property, Commercial Auto, and Workers Compensation.
2. Commercial property insurance covers a wide range of disasters.
Commercial property coverage can be used to help you replace or repair your property if it’s damaged by a plumbing issue, storm, fire, or theft, among other things. You would do well to put together an inventory of items that are valuable for which you would like to have coverage.
3. Business contents aren’t always covered.
Your business contents will need to be on the premises at the time of damage or total loss in order to have it covered by insurance. It’s actually known as “inland marine” once the business property leaves the premises, even if your business or what you’re doing with these items has nothing to do with the water. You may be able to get an insurance rider that will cover such items if you regularly need to remove them from your business property.
4. There are many factors for how much it costs to insure a commercial building.
You should be aware that there are several factors that go into the insurance premium for your building. This includes the age of plumbing and HVAC systems, the construction materials of the building, the type of industry, the neighborhood it’s in, and preventative measures such as fire sprinklers that you have in place.
5. Earthquakes and floods typically aren’t covered.
Natural disasters usually aren’t covered by business insurance. You may be able to get this added to your policy depending on where you’re located and the risk level.
Contact Integrated Insurance Advisors LLC of the greater Boiling Springs, SC area if you would like commercial insurance and to learn more today.