Will Your Commercial Property Insurance Cover Fire Damage?

4/14/2020 (Permalink)

Protect your property in Vickery Meadows, TX by looking for an insurance agent

To protect your business in the event of fire damage, theft, and certain natural disasters, you will need to purchase commercial insurance. The typical policy will also cover such accidents as water damage from burst pipes, but it won’t cover floods or hurricanes, so you will need to purchase a separate policy for that specific coverage. Your insurance agent can help you decide on the best package for your property.

What Will Commercial Property Insurance Cover?

Comprehensive policies can vary, but the typical policy will cover damage restoration to such things as:

• The building itself, as well as interior and exterior fixtures
  
• Equipment, including machinery, furnaces, air conditioners, and boilers
  
• Raw materials and finished goods
  
• Furnishings, such as cabinets, carpeting, drywall and furniture
  
• Computers and other office equipment
  
• Essential records, such as accounting and customer records
  
  

You can purchase an additional business interruption policy that will maintain payroll for your employees while your building is vacant. The policy can also recoup downtime costs and lost revenue, and even pay rent if you need to relocate while renovations occur.

What Factors Are Involved in Determining Coverage?

Your insurance agent will take into account the location of your building and the preventive measures in place when determining the costs. For example, your insurance premiums could be lowered if your property is near a fire hydrant, or if you have installed a fire sprinkler system or have a robust security system.
The type of materials in the building’s structure can also determine the commercial insurance premiums. If the building was constructed of materials that could be considered potentially combustible, your rate would be higher than if the building was made of fire-resistant materials.
The most important first step in protecting your property in Vickery Meadows, TX is to find an insurance agent that you can trust so that you get the best possible commercial insurance coverage for your business.