Commercial property insurance is an important aspect of a full-coverage business insurance policy that is sometimes overlooked. While your business owners’ policy (BOP) will cover your company’s building from a structural standpoint, what about your equipment, inventory, furniture and computers? Protecting your business’ property isn’t just limited to the land on which your business operates; it also includes the physical assets your company owns.
At DiVirgilio Insurance, we help our clients by performing an in-depth risk assessment, followed by a line-by-line audit of your current policy in order to find out where coverage gaps lie. We then craft a commercial property plan that will protect you AND your business’s assets.
Consider the different types of coverage that may be right for you:
Master Property Insurance
In the event that a group of properties fall under the same blanket ownership—even partially—then a master property insurance plan may be ideal. This type of policy covers buildings and their contents in the event of direct physical loss or damage. It also reimburses for income loss due to business interruption.
Landlords are especially vulnerable to lawsuits. A landlords’ policy is tailored to your specific circumstances and will protect your building and property from liability claims. In addition, your legal fees will be covered in the event of a liability lawsuit filed against you.
All insurance policies have limits, and even if you’ve properly protected your property with a solid commercial property insurance plan, catastrophic loss that goes beyond your policy limits could leave you vulnerable. Umbrella insurance will protect you beyond your basic policy limits.
New England winters are unpredictable, and recent years have proven that flood damage caused by melting snow and rising rivers and streams is a real concern. A standard commercial property policy does not cover flood damage, so coverage specifically designed for floods may be necessary.
Confused about what type of coverage you need? You’re not alone. Insurance can be confusing for those not familiar with its nuances. Luckily, the agents at DiVirgilio Insurance are committed to providing the industry expertise needed to protect the business you’ve worked so hard to build. Give us a call at 781-592-5220 to learn more.