Business Building Insurance
As a business owner operating out of a commercial building, you need to be protected against such calamities like theft, fire, vandalism or natural disasters; hence what you must have is business building insurance.
Commercial building insurance has been designed to protect commercial buildings against the above mentioned catastrophes. While some policies only cover the structure of the commercial property, others are more comprehensive and extend protection for the contents inside the premises, like furniture and office equipment, to even personal injury or death.
There are generally two kinds of business building insurance. The first type of business building insurance is called the ‘named peril policy’. This type of insurance covers the property against only those calamities mentioned on paper. A named peril policy usually covers losses you may incur due to a fire or an explosion, and excludes certain natural disasters like earthquakes and floods. The catch is, in case your commercial property is damaged due to an earthquake while the policy only covers fire and explosion, you will not be able to put in a claim.
The second type of business building insurance is called the ‘all risk policy’. This kind of policy will provide cover against all kinds of calamity, unless they are specifically excluded. Any loss that you may suffer from robbery and theft will also be covered in this kind of business building insurance policy.
You may also want certain specifics to be included in your policy, based on your particular requirements, like commercial content insurance, liability insurance, or unoccupied commercial property insurance.
Let us understand what each ones of these means. While commercial contents insurance has been designed to protect all your assets inside a commercial building, liability insurance will provide cover against any damage caused to third party, while on your premises. Unoccupied commercial property insurance is something you must opt for when operating out of a leased commercial property. This insurance will cover any losses you may have to incur towards paying rent for the place, should your business be unable to yield any profits while operating out of the premises. There are some insurance companies that also offer other commercial policies in combination, so that you are protected against any losses to your stocks, fittings or goods in-transit.
Business building insurance is offered by a large number of insurance companies. Before you start looking for quotes, it is essential that you make a list of all the things that you want to be insured. Also, you must assess your business building insurance annually, just to be safe.