Get to Know: Commercial Property Insurance Terms
Building: Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give NHC Insurance Services a call today at 310-221-0917, and we’ll help you determine if you have enough commercial property insurance for your business.
Earthquake and Flood: Most commercial property policies exclude Earthquake and Flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. You don’t want your business at stake before the next Earthquake!! If you’re unsure, just ask NHC Insurance Services to review your coverage, and we’ll help you find the best solution.
Business Personal Property: Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage): This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. NHC Insurance Services strongly recommends that all businesses acquire this coverage.
NHC Insurance Services understands the business insurance needs of our customers. The right coverage for you is unique – call us at 310-221-0917 or fill out the Request a Quote form on this page to find out how we can help you protect your business and your future with the right insurance.