Commercial property insurance is meant to cover the belongings of a business, not the people who work there. Business owners purchase commercial property insurance to cover the assets of their businesses. This insurance will cover almost any property, including computers, inventory, furniture, and landscaping. It’s a different story when a customer or an employee finds that their property has been damaged somehow.
Commercial business insurance doesn’t mean to cover damages to a third party’s property. In most cases, third-party damages will fall under the general liability portion of a business owner’s policy. Since every business has its level of liability risk, you will need to work with an agent to help you figure out how much liability insurance will be needed. A business owner’s policy combines both types of insurance into one, more comprehensive policy. Your insurance agent can help you create a business owner’s policy that will protect your company in every way possible.
Rented or Borrowed Items
A commercial property insurance policy may not cover rented or borrowed items. For example, if your company is hosting an event and rents tables, chairs, and décor, your policy may not cover them if they are damaged. You will need to purchase an endorsement covering those items in your possession. This type of endorsement is usually purchased for a short period and will be canceled once the event is over and the items have been returned.
Personal Belongings Left at Work
As an owner of the business, any personal property you carry with you while you are working. This includes any personal items you leave at the office overnight. This does not, however, cover damage caused by earthquakes or flooding. Most commercial insurance policies cover traditional perils like fire, wind, explosions, theft, and vandalism. If you are concerned about your possessions, talk to your agents to determine how much of your property will be covered.
Looking for Suitable Insurance Coverage in Budget? Contact Steve Wilk Insurance!
Commercial insurance is a must if you own any type of business. It protects your commercial property and, in most cases, will protect at least a portion of the personal property you use while at work. Contact us at Steve Wilk Insurance Agency if you have any questions about your commercial insurance policy. We have the answers you are looking for.