Property insurance is a crucial part of any business. Additionally, it protects you from a vast array of threats that can cause damage to your property or buildings. A good property insurance policy is essential to be prepared for the worst. Read on to learn the basics of this coverage and how it can protect your business.
The Importance of Property Insurance
Unforeseen events like fires, storms, and vandalism can cause a substantial amount of damage to your property. To prepare for such unexpected incidents, you must ensure you have adequate coverage. Having property insurance ensures that you have proper protection.
Types of Property and Commercial Insurance
There are several levels of this insurance, all offering different tiers of coverage and price points.
Basic Form Policies
These are the most simple and inexpensive types of property and commercial insurance. They cover the basics, such as damage from:
Fire
Storms
Explosions
Smoke damage
Vandalism
These are some of the more common claims made on property insurance policies and provide a decent level of protection for a lower price.
Broad Form Policies
This policy is a step up and covers all that the basic form policy does, in addition to water damage due to a faulty appliance or damage from a broken window. Moreover, it can cover things like a roof that collapses due to the weight of snow following a snowstorm. A broad form insurance policy offers the flexibility to be customized to fit a customer’s needs precisely.
Special Form Policies
This is the most extensive type of property insurance, as it includes all that basic and broad form policies do, in addition to most everything else, such as theft. However, specific policies may have exclusions, so check the fine print to know what may not have coverage. While this insurance will protect you in many circumstances, it comes with a higher price tag.
Additional Types of Insurance to Consider
Depending on where you live, there are several other types of insurance to consider when discussing property and commercial insurance.
Flood Insurance
If you live in an area where flooding is typical, or your commercial building is in a low-lying area, consider adding a flood insurance policy. It will cover water damage to buildings and personal or business belongings.
Windstorm Insurance
If you live in an area that experiences damaging winds regularly, consider investing in windstorm insurance. It will help cover the costs of things damaged by high wind speeds, such as damage to a roof or your personal or business property.
Crime Insurance
This type of insurance is a good idea if you live in a high-crime area or are afraid your business might be the target of criminal activity. It will protect you from common things like robbery and less common occurrences like cybercrime and employee theft.
Find the Right Property Insurance for You
Property insurance is an essential part of your business. The level of coverage you require specifically depends on your needs and location. It’s vital to be as safe as possible and to take the steps toward understanding property and commercial insurance so you can safeguard your business and its future.
About Securance
From our home base in Texas, Securance serves the insurance needs of clients throughout the country and abroad. With 50-plus years as a trusted advisor to businesses, families, and individuals, we help clients safeguard their hard work and step confidently into the future knowing they are well protected.
Contact us today at (713) 977-6606.
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