The direct answerCommercial property insurance can protect a building, tenant improvements, equipment, inventory and other business property against covered causes of loss. Business income coverage can also help with continuing expenses when a covered loss interrupts operations.
Coverage that may be included
- Owned buildings or tenant improvements when scheduled
- Furniture, equipment, inventory and business personal property
- Business income and extra expense when selected
- Wind, theft, water and other causes of loss subject to policy terms
What we review before approaching carriers
- Construction, roof age, protection systems and occupancy
- Accurate building and contents replacement values
- Wind or named-storm deductibles and coastal exposure
- Flood exposure, which typically requires separate coverage
Common mistake
Insuring property values too low or assuming market value equals rebuilding cost. Coinsurance provisions and inadequate limits can materially affect a claim.
What should a business owner do next?
Gather current policies, loss runs, property values, vehicle and driver schedules, payroll or revenue information, and any contracts that create insurance requirements. A John Galt Insurance agent can identify the markets and applications that fit the exposure.