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Fire & Water - Cleanup & Restoration

Understanding Property Damage Insurance

1/6/2020 (Permalink)

View of a desk in an office, the hands of two people, one is signing documents Investing in commercial insurance can make recuperating easier

Business owners in Raytown, MO, have a lot on their plates. From dealing with day-to-day operations, personnel and much more, a sense of security can often be lacking. Luckily, when it comes to protecting a business from the unthinkable, investing in commercial insurance can make recuperating easier.

What Does Commercial Property Insurance Cover?

At the basic level, this type of coverage helps a business deal with issues from events such as fire damage, explosion, storms, vandalism, theft and pipe bursts. Typically, phenomena like earthquakes and floods, as well as interruption loss, will require an additional layer of coverage. Other items often not covered include:

  • Internal theft
  • Vehicle damage or loss
  • Stolen cash or currency
  • Environmental damage
  • Equipment failures
  • Defective products

When personalizing coverage, it is important to take an inventory of the vital elements inside and outside of the building business is conducted to ensure full coverage of losses. The following should be assessed:

  • Business structure, including leased or owned space.
  • Office equipment and supplies, including computers, furniture, phones and copiers.
  • Vital documentation records, such as accounting or client data
  • Inventory on-site
  • Landscaping, fencing and outdoor furniture
  • Business signs, satellite dishes, security systems and other outdoor equipment

Coverage Options

Once you have an inventory of everything that needs to be covered, you can work with an agent to determine the type of commercial insurance coverage. Most plans reimburse loss based on the cost of replacement or the cash value of an item. It will also include costs of associated restoration services, depending on the situation. A replacement cost takes into consideration the repairs needed to rebuild without depreciation while a cash value payout provides funds to replace with a comparable item, including depreciation.
No matter the size of a business, commercial insurance is necessary to be ready for the unthinkable. Although it is an added cost, it is worth it if disaster hits.

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