Commercial building insurance – We may have hired a security guard to protect our commercial building from theft, fire and any unwanted things. The protection can be secured but there is a possibility our building is broken into by thefts so we have to suffer from a huge loss. The one that can save us if we are in this kind of situation is commercial building insurance (CBI).
Theft is not only risk. Some hazards to our property may include fire, vandalism, weather damage and natural disaster. Since the need of this insurance is apparent, there are several things we have to consider before buying the policy.
What to Know First ?
CBI is just like other types of insurance. Before purchasing, we have to know the amount of insurance we actually need, the length of the policy and the needed coverage. We have shortened all information we need in brief.
First, we need to decide the properties that will be covered under the policy. To keep everything under protection, ensure we include all properties inside the buildings thoroughly, including fixtures, power installations, telephone and automobile parking place.
However, anything related to our employees’ compensation, life, and health and also casualty is not included into the commercial building insurance policy.
However, it does not mean all buildings used for commercial usage is qualified to get insured. The building has to be proven to be safe for humans as prescribed by standard law. The insurance policy only covers this kind of building only.
There are several factors that affect the coverage such as the building size and kind of business we run there. That is the primary reasons different business like shopping malls, restaurant, hospitals and public services have different insurance amounts. Size plays the important role here.
Some Commercial Building Insurance Policies
There are two major policies available that can be chosen based on the need of our business. Those policies include all-risk policies and also named-peril policies.
If we want to a coverage that protects our building against particular hazards that likely occurs in the future, named-peril policy is suitable in this situation. We can choose the properties inside the building that need to be covered under the policy based on the written contract.
However, all-risk policy is chosen if we want to a coverage that covers all kinds of hazards in all situations as listed in policy. Type of business we are running has to be suited with the need of all risk policies.
How to Get Commercial Building Insurance
Only if we already decide the needed coverage, we can select which insurance company that gives the best service and policy. One thing is that we cannot just rely on one company. We have to carefully choose among those companies.
It is not rare that people find it difficult to estimate the coverage. Being in this situation, contacting a reputable insurance broker may be a wise decision to lessen the risk. Brokers will halps to find an optimum cost for our commercial buildings based on the date that we give to them.
Brokerage firm is capable of getting quotes and compare them at the same time. From the quotes, the firm will advise us to choose certain company for the commercial building insurance policy.
However, we need to choose independent brokerage firm since they do not work for certain company. Only when we make deal with them with a company, they can get rebates for that insurance company.
If we are sure we can compare quotes by ourselves, we do not need brokerage firm. A company that we choose has to be reputable and has excellent service. Only then, when it comes to filing a claim, we won’t find any difficulties. That is what we need when we purchase commercial building insurance.