Commercial property insurance is just as valuable as a home insurance policy. You would not want to manage the financial loss from damage to the building. And, you do not want to put your business assets at risk because of a lapse of coverage.
A comprehensive plan is important. It should be a part of your current business insurance. But, does it offer enough protection? Take a look at storm damage.
Does Commercial Property Insurance Cover Storm Damage?
It is common for commercial property insurance to provide financial compensation for storms. However, there are usually limitations. Your property insurance has the specific goal of providing you with coverage for damage that is unavoidable and unpredictable. Most storms fall into this category. However, there are a few things to know.
Normal Wear and Tear
The leaking roof may worsen when a storm comes through. The business insurance plan will cover the damage to the roof only if it was a direct outcome of the storm. Normal wear and tear on any structural component of the building is not likely to have protection. This goes for any type of system.
Contents Coverage
Most of these plans cover the contents in the building owned by the business. This includes equipment, furnishings, computer systems, and inventory. The policy will place a specific dollar amount limit on the contents. Be sure it is enough to cover a total loss to your building. It should be enough to help you replace your equipment and inventory so you can remain in place.
Cleanup and Rebuilding
When a significant storm comes through and causes a lot of damage, your policy can help with repairs or rebuilding. However, the policy should reflect the value of the cost to rebuild. This is not the same as the market value for that property. If a storm causes a lightning strike that sets your building on fire, you need to rebuild from scratch. Most policies will also include the cost of cleaning up after a storm.
Trees and Falling Debris
A tree falls on your building's roof. Will the insurer cover it? Your commercial property insurance will cover the removal of the tree and damage. However, it must be a direct relation to the storm. If the roofs were dying or the tree was already at risk of falling, you may not have coverage.
Discuss your business insurance with your agent. Determine if you have enough coverage in place for all storm damage risks.
We've got you covered. Call Bromell Agency, Inc. at (318) 251-1212 and we can help you get a Shreveport property insurance quote.