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Fire & Water - Cleanup & Restoration

Insurance Coverage for your Commercial Property

12/3/2019 (Permalink)

There are many things to worry about when owning a business in the Lewisburg / Selinsgrove area. Here are some tips to help you find the right kind of coverage for your property. Basic property insurance is a must, but you also may benefit from flood or storm insurance.

Types of Coverage

  • Property insurance – covers general repairs, including things like water damage from leaks caused by accidents or external factors
  • Flood insurance – covers more extensive damage caused by prolonged rainfall, overflowing rivers and streams, and breaking dams or levees.
  • Storm insurance – covers damage from wind, hail or other elements of the specific storms listed in the policy

A business continuity policy may also be something you want to keep in mind so that you have the working capital to stay afloat after a damage.

It is also important to keep in mind that insurance policies can have different types of deductibles. Most are dollar amount deductibles which requires a specific amount as stated in the policy to be paid by the insured. These deductibles are often determined by the standard rate for the area, and raising the amount may result in lower premiums for the policy. Another kind is a percentage deductible. Percentage deductibles are sometimes used in storm and flood policies to lower the risk for the insurance company. Because the damage covered by these policies tends to be large, so do the payouts. This deductible depends on a percentage of the property's overall value.

Call us today if your commercial property suffers a loss, and let us help you take the stress away.

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