Lauderdale-by-the-Sea Commercial Property Insurance
When certain events happen, Commercial Property Insurance
can pay for business property that is stolen, damaged, or destroyed. That property typically includes:
this usually means the structure, but it can include permanently installed fixtures, machinery, and equipment.
aka Contents of your building business personal property
This includes items that can be easily taken out, like inventory, office equipment, and other supplies.
Other People's Property
this category includes items that are left in your care, custody, or control. For example, a customer might use an outlet on your premises to charge her laptop. Once it's in your care, you could be responsible if it's damaged. Also known as car, control and custody
Business Property Insurance has inclusions and exclusions. For example, most Property Insurance pays when what the business owns is damaged by common problems like fire, theft, or windstorms. Common exclusions are floods and hurricane. Theft can be added but you must have a monitored burglar alarm. Monitored fire alarm and fire sprinklers can keep the premium costs down. Exclusions may be available as optional coverage's. IT security and data breach are always a separate insurance policy and are not covered with normal commercial property insurance.
include loss of business income and or business expense (BI/BE) - If you have mandatory expenses including payroll, loans you need to consider those options. Maybe you need spoilage protection should the power go out. Important expense such as mortgage payment gives strong reason to get BI/BE.
Covered Perils What are coved perils?
- 3 classes of coverage’s - basic, broad and special (all risks). Basic being fire and lightning and special covers all with exceptions. Covered perils are essential the cause of loss.
How much to cover?
Business Property - you have to make that determination of this value - office furniture, inventory, raw materials, value of other people’s property.
Building Coverage Valuations:
Replacement Cost (RC) - estimated cost to rebuild building - obtain an insurable value appraisal to be certain. These valuations have a co-insurance penalty and you must be at certain levels to maintain this coverage.
Agreed Value - exactly what is says, you agree to cover a limit and that limit is the maximum that could be paid out, it is completely different form RC.
Actual Cash Value - this is the depreciated value of the building, a more complex valuation especially as the building ages.