Commercial Property Insurance
Insurers typically divide commercial property into three specific classes
- Building – The building(s) described on the declarations page of your policy
- Equipment – Generally all contents usual to the business, including furniture, furnishings, fittings, tools and appliances other than Building or stock
- Stock – Merchandise of every description usual to the business.
There is a wide range and variety of coverage options available to commercial property owners. Coverages range from basic fire protection to all risk policies. Important coverages to be aware of that may not be included on your commercial property policy.
Flood/Earthquake/Sewer Backup
In most cases your commercial policy will exclude these important coverages unless they are added by endorsement be sure your policy has coverage for these perils.
Business Income Coverage
This coverage is meant to protect against lost business income sustained by your operations due to the necessary suspension of your business caused by a direct physical loss of or damage to property at your premises as a result of a covered peril.
Equipment Breakdown Insurance coverage
Standard policies often exclude mechanical or electrical breakdown to equipment. By having this coverage you are insuring losses to equipment including bursting, cracking, bulging, electrical aching and mechanical failure. Below are some items that have an equipment breakdown exposure:
- Boiler / Pressure Vessels
- Heating and Cooling Systems
- Generators
- Electrical Panels
- Electric Motors
Bailees Insurance / Warehouseman’s Liability
A Bailee for Hire is one who has temporary custody of the personal property of another for purpose other than sale and who is compensated as a condition of such custody. When the business possessing property of others makes a charge for services it provides, the situation is one of bailment for hire requiring separate coverage for your client’s personal property in your care, custody and control.
Contact James Campbell Insurance Brokers to gather the appropriate information about what insurance options are available for you and your business.
