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Fire & Water - Cleanup & Restoration

Commercial Property: Protecting Your Assets with Commercial Insurance and Emergency Preparations

11/27/2018 (Permalink)

Fire remediation in a Herriman,UT commercial building

Commercial Insurance

Commercial insurance protects against numerous perils, such as theft, natural disaster, water and fire damage. While it is an incredibly valuable policy, many business owners don’t understand the fundamentals, factors or considerations that go into making a well-rounded policy. Additionally, while it is nice to have coverage in case of peril, it is also beneficial to have an emergency plan in place.

1. Cost of Insurance

While the price of commercial coverage may seem steep, it is necessary to understand risk and liability. Some businesses, such as railroads and manufacturers, will spend more on insurance because of the increased risk of usage. However, while the price is a concern when considering coverage, you should also consider the fact that commercial premiums are deductible.

2. Factors that Dictate Premiums

As stated previously, there is a correlation between risk and commercial insurance premiums, but there are several additional factors that play a role as well.

  • Location
  • Occupancy
  • Construction
  • Theft and fire protection

All of these elements combine to establish a premium. If your business is mainly constructed of fire-resistant materials and is also designed as an office building, then your premiums will be lower than an apartment building cheaply built.

3. Considerations for Additional Coverage

In addition to typical coverages, you may be interested in insuring several critical components of your building. These components may go beyond the building to the office equipment inside, inventory, signage, landscaping and even accounting records and other documents.

4. Preparations for Potential Disaster

Aside from insuring your property, you may want to prepare an emergency readiness plan with an emergency restoration specialist in the Herriman,UT, area. These plans will take effect immediately following a disaster, allowing these services to mitigate damage as quickly as possible, preventing further loss.

Commercial insurance can be a significant expense, but for those that understand its value, it is well worth it. However, beyond having the coverage in the event of a disaster, it is vital to mitigate further loss to both keep your coverage and reduce further damage.

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