When you own a business, you need to have the right type of commercial insurance to cover the property you own. There are several types of coverage that are unquestionably necessary. All business owners need to have liability coverage, for example. Liability business insurance protects your company when people take legal action against you and win. You also need to have property coverage to protect against environmental damages, theft, and other damaging circumstances. However, these types of coverage may only be the start of what you really need. Keep reading to learn about some optional types of commercial insurance known as policy riders.
While your building is usually protected by a property policy, glass coverage may not be included. Just as with an auto policy, glass coverage for your building is often an optional type of protection.
Glass coverage for a commercial policy will usually protect any and all windows on your property. If your windows are damaged or destroyed due to environmental reasons, vandalism, or for some other reason, your glass coverage will pay for the repair.
Debris coverage can become very important following a disaster that leaves your property in a state of disarray. After a storm or an incident of vandalism, your property may be virtually destroyed, leaving debris scattered all over the place.
While your property coverage will pay for the necessary repairs, it won't always pay for the debris to be hauled away. Your debris coverage rider will take care of that. It may also include removal of debris following elective construction or renovations on your property.
If your business relies on a large amount of equipment to function properly, this type of coverage can be really useful. Equipment coverage protects all of your mechanical equipment, for example the equipment that you need to assemble products you make. This type of coverage may also protect other things in the office, for example office equipment like computers and copiers.
Business Interruption Coverage
There may be times when your business has to close down because of repairs or renovations. When your business has to close its doors, you are losing money. Business interruption coverage is designed to compensate you for that monetary loss.
The way that your commercial insurance broker will calculate your losses may vary by policy. A typical method of calculating loss would be multiplying your average daily income by the number of days that you're closed for business.
If you have commercial insurance for your property, but you don't have any of the extra types of coverage described above, it may be time to call your local commercial insurance brokers to discuss adding these riders today! Talk to places like Acumen Insurance Group Inc for more information.