Everyone here at the Alexander Insurance Agency of St Charles knows what it feels like to take a look at the year ahead of you and want the ultimate in protection for your business interests. So many unforeseen things can happen that peace of mind on the business end is worth every valuable penny. The most common types of commercial insurance are property, liability, and workers’ compensation.
Here is a broad overview of the different types of commercial insurance you can acquire, and the ways they can help your business through challenging times.
Property Insurance pays for losses and damages to personal or real property. A property insurance policy would kick in to pay for fire damage to your office space, and there are additional types of very useful coverage you can purchase, including:
- Boiler and Machinery Insurance: this is a very useful type of coverage that helps with the accidental breakdown of machinery and equipment that can temporarily cripple your incoming revenue. It will reimburse you for damage and losses that take place due to interruption of business, such as fire damage that would render your electronics useless.
- Debris Removal Insurance: This will cover the cost of removing elements such as leftover waste and dangerous branches after a violent storm. Before you begin the rebuilding process, the old structure’s remains must be taken away, and your property insurance policy will cover the cost to rebuild from the ground up.
- Builder’s Risk Insurance: This type of insurance will cover buildings during the vital (and vulnerable) construction phase. If an act of God such as a tornado takes place, you’ll be covered if your half-constructed structure undergoes massive damage.
- Glass Insurance will cover broken store windows, an occurrence that can sneak up fast during storms AND pockets of civil unrest.
- Inland Marine Insurance will cover valuable property during transit, and customers’ goods that are temporarily housed at your business for service. Good examples are things like electronics in for repair or clothing that could be damaged during time at a laundromat.
- Business Interruption Insurance will cover the burden of lost expenses and income that takes place after you suffer damage on the property. If a flood or fire causes you to close for two months, this insurance would reimburse you for paid out wages, rents, taxes, and net profits that could have been enjoyed during the period after the hardship.
- Ordinance or Law Insurance covers the costs associated with having to completely demolish and then rebuild up to code after your building has been partially destroyed. If an event such as a flood destroys the basement and first two stories, a local ordinance may mandate that the building is unfortunately destroyed and rebuilt according to the existing code. The actual property insurance will cover the replacement value, but not the tedious upgrade.
- Tenant’s Insurance: This comes into play to cover damages to improvements you make to your rental space and damages that may happen within the building that can occur due to employee negligence. This could take place during events such as repair or cleaning.
- Crime Insurance covers property crimes such as burglary, theft, and missing money from employees and those who are not. Even though investigations may sometimes seem lengthy, this coverage is well worth it in the end.
Liability Insurance will cover any injuries that occur to third parties on the premises. If you were to be sued for personal injury or property damage, the cost of defense would be fully covered by your policy. A general liability policy will cover any events that happen to customers while on the premises such as falling on the ice.
Malpractice Insurance will pay for losses that result from injuries to third parties when the actions of a trained professional fall below their barred standard of performance. If a medical surgeon or other practitioner makes a grave error, there is a chance that the patient may sue them in a court of law. The malpractice policy can pay for their defense costs and any judgment that may result after the action. Even the real estate profession can benefit from this type of protection, as well as architects, dentists, and financial planners.
Which Type of Commercial Insurance is Right for me? Now that you have had a chance to review the various types of business insurance policies in place to help you, an experienced team such as ours can provide you with the ideal advice. Severe weather has most definitely been a huge issue across the United States lately and being protected from this type of peril is one of our top priorities here at Alexander Insurance. There is nothing better than the feeling of knowing you are covered if anything bad happens to you and your important business interest!
You may have recently become a landlord, commercial property leaser, or have taken the plunge to answer your calling and open a collectible or memorabilia-themed store. We can show you the appropriate coverage to have, just how much, and what kind of terms will fit you best. After knowing so many in the St Charles area that have been in business for years doing what makes them happy, we take our knowledge and expertise to next-level status daily by always having a plan for your progress and ultimate protection!