Disasters come in many forms; i.e., fire, flood, earthquake, theft, just to name a few. Your business needs to be protected from the direct loss to your property and the resulting loss of income. This can be accomplished through a standard Businessowners policy, as well as a separate policy known as a commercial property insurance policy. Bilz Insurance recognizes that each business has unique needs and situations that need to be addressed. We are ready to uncover these needs with you and develop ways to cover them.
If you own a commercial building, replacement cost coverage is needed. Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of the building.
This provides you coverage for your business personal property at a specified location and covers furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off site to various locations, it is important that you have an inland marine policy (equipment or installation floater) to cover this property.
Covers the loss of rent or profits plus any continuing expenses while your business is shut down or curtailed as a result of damage or loss of business property. Also typically covered are extra expenses incurred to get back in business as quickly as possible.
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Most commercial property policies and homeowners insurance policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from damage due to a flood.
If you work out of your home, there are several important insurance considerations to discuss. Your homeowners policy may provide some protection, but it is on a very limited basis. Even if your business is a sideline such as a craft studio, these limits may be too low to cover all the equipment and materials you have accumulated. It’s also important to know that no business liability coverage is included in a standard homeowners policy. Bilz Insurance has several affordable solutions to your home based business.
To learn more about any of these products, contact us today.