What Your Commercial Property Insurance Really Covers
What coverages are excluded from your commercial property policy?
When you secure commercial property insurance, you assume that it will protect your business from every peril that comes its way. Unfortunately, like all forms of insurance, commercial property coverage does have its limits. To ensure that you are not caught off-guard, here are some of the common hazards that are excluded from coverage.
Coverage for flood damages is excluded in standard commercial property policies. The only way to secure this coverage is with a specialty commercial flood insurance policy. So, if your business is located in an area of high flood risk, then you should secure this specialty policy to avoid a dangerous coverage gap.
Similar to flood damage, standard commercial property policies will not offer coverage for earthquake damage. To secure this important coverage, you will have to secure specialty earthquake insurance for your business.
Commercial Auto Accidents
While your company’s vehicles are technically commercial property, they are not covered under your commercial property insurance policy. To secure coverage for your company’s vehicles, you will need to secure commercial auto insurance. Securing this type of insurance will ensure that the cost of auto accidents or other vehicular damage events does not affect your business’s profits.
These are some of the things that your commercial insurance policy will not cover. Fortunately, you can secure coverage for these exclusions by securing specialty commercial policies. Interested in learning more about your business insurance options? Then contact the professionals at Club Agency Insurance Brokerage in Garden City, New York. Our dedicated team is eager to assist you with all your commercial coverage needs today.