Coverage Add-Ons to Consider for Your Property Insurance Policy

Commercial property insurance is a type of broad coverage that reimburses you for losses and damages to business property (such as fire or flood damage to your office). If it doesn’t meet your unique needs, however, you can purchase additional coverage. Here are a few policies you might want to consider.

Glass insurance may sound overly specific, but it covers a common threat: broken windows. Windows are expensive, and if they’re broken in a robbery or accident, it’s likely your responsibility to foot the bill.

Debris removal insurance is another category that may sound overly specific, but if a fire burns your office building down, you’ll have to remove the remains of the old building before rebuilding. Your property insurance policy will likely only cover rebuilding, not removing the remnants.

Mechanical or equipment breakdown insurance covers the cost of accidental breakdowns of machinery, such as boiler malfunctions or fire damage to computers.

Business interruption insurance covers the expenses incurred (including lost income) when closing your business after an accident of some sort. If a flood (more of a concern with climate change) forces you to stop working for a month, for example, this kind of coverage would reimburse you for salaries, rents and such.

Ordinance insurance covers the costs associated with having to rebuild to code when your building has been partially destroyed. Property insurance will usually cover only the replacement value of the existing building but not the upgrade, even if it’s legally required.

There are many other commercial policy add-ons. Call or email us today and we can go through the options.