Commercial property insurance provides coverage to businesses in the event of any damage to the building structure or personal property, such as inventory, equipment, furniture etc. The insurance company pays for repair and replacement in instances of damage due to fire, storm or any other incident mentioned in the policy.
There are different types of commercial property insurance plans. It is imperative to carefully read the terms mentioned in the policy to know about all the inclusions and exclusions. The three basic policies are:
- Basic form policies: This type provides coverage for common perils such as fire or thunderstorm.
- Broad form policies: Apart from the basic coverage, you will be insured for damage caused due to snow, water or disintegration of the basic building structure.
- Special form policies: This policy provides all the above mentioned coverages but excludes certain events such as damage caused due to pests, flood, war etc.
Commercial property insurance coverage vary by different insurance agencies in McAllen, TX. You need to check if you require any additional coverage apart from the ones already specified in your policy.
Following are some types of coverage offered in a commercial property insurance policy:
- Personal property coverage for employees: This provides coverage for the personal property of employees within the office premises. These may include phones, laptops, tablets and other items used for official purposes.
- Extra expense coverage: The insurance company will pay for any additional costs that are required to resume your business operations after the damage.
- Recently purchased or constructed buildings coverage: In this instance, you will be provided coverage for a new building where you carry out your business activities. However, you need to inform the insurance company about the building within a stipulated time period to get the requisite coverage.
- Law coverage: In this case, you will be paid any extra expenses incurred to repair or reconstruct the office as per the latest building code. The enforcement of laws regulating construction means you will need to upgrade your property. This upgradation may be related to foundation, floor assembly, roof structure, energy efficiency etc.
- Business income coverage: This type of insurance provides coverage for loss of income to a business entity due to a disaster. The normal business operations may be hampered due to re-building or closing of the business facility.
- Valuable papers and records coverage: You will be provided coverage for any important documents or records kept in the commercial facility. This is generally an added coverage option and you need to confirm the details from your insurance provider.
Contact Smith-Reagan Insurance Agency to buy commercial property insurance in McAllen, TX. For more information, you can call at (956) 399 – 1353.