Commercial insurance can be arranged to protect against potential losses through unforeseen circumstances like theft, liability, property damage and coverage in case of an interruption to business.
There are many different types of insurance to consider when arranging cover for your business and it is important to consider which services you require from your insurer. What needs to be covered? What can’t your business do without? What would you like to be covered? Just in case.
One of the most common types of policies taken out by businesses is Commercial Property Insurance, insuring against unexpected damage and losses.
Imagine you are suddenly faced with a situation, similar to like what we have seen in Cumbria, during December 2015, where severe flooding has occurred. You could be unable to access your shop, office or warehouse, and flood water could be damaging your property. Not only that, important documents stored there could be at risk of being destroyed, vital equipment could also be damaged beyond repair, and your business operations stall. What do you do?
If you have a Commercial Insurance policy that has been arranged to cover your needs, you can be confident that your insurer is with you every step of the way. In the event of a claim like this, insurers can instruct major property damage restoration companies to act on their behalf and these companies provide invaluable support, limiting the amount of loss incurred.
Property damage restoration technicians will have a range of expertise and equipment to help fight and reverse the effects of water and fire damage. In the example of flooding, technicians will be able to carry out effective drying of premises, making sure the drying of the premises doesn’t happen too fast as to cause more damage, they can restore important documents and undertake mould remediation.
These types of companies also have specialist services to respond quickly under a pre-arranged plan (where applicable), recovering the most vital aspects first.
What’s covered in a commercial property insurance policy?
Policies are tailor-made to suit the individual business and it would need to be discussed with insurers. But generally the following is covered:
- Your buildings including fixtures and fittings.
- Stock and inventory.
- Business Interruption.
- Legal expenses and helpline.
You can also add a whole range of different services to meet the needs of your business.
They say that it is better to be safe than sorry and that is certainly the case with regards your commercial property. Your property is a major asset and it is the hub of your business, it pays to be covered. Just in case.