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Commercial business insurance safeguards your company from financial damages that could occur due to a wide range of issues. Most companies need at least liability insurance to cover the cost of injuries and property damage that could happen while running their businesses. Your company may also need commercial property insurance along with special policies for addressing challenges such as business interruptions or cybersecurity lawsuits. When you first set up an insurance policy, most agencies will require an inspection. Knowing what to expect during an insurance inspection helps you prepare for this routine procedure.
Verifies the Information You Provided on the Application
When you submit an application for business insurance, there are several important pieces of information required to develop a quote and write a policy. One of the first things an inspection does is establish you own and operate a genuine business. The inspection may also include reviewing information regarding your current business practices and assets.
Assesses Essential Systems within the Building
Many systems within your business facility could pose a safety hazard if they fall into disrepair or reach an advanced age. Since a faulty HVAC or electrical system could pose a fire risk, you can expect an inspector to spend some time checking these parts of your business facility. The inspector will also check the plumbing lines and any associated appliances to identify issues that need correction to prevent future claims.
Inspects the General Interior & Exterior of the Building
An inspector can learn many things about your commercial property by looking at both the interior and exterior portions of the facility. Checking to make sure the parking lot is in good condition can lower the risk of needing to cover an auto accident claim. Ensuring warehouse and sales floors are safe can prevent claims for workers’ compensation or personal injuries. In some cases, you’ll find any negative reports can also help you save money over time. For instance, identifying a roofing problem now can prevent you from needing to shut down your business in the future for water damage restoration.
Researches Information about Your Business & the Location
Although you might not see this portion of the inspection, it’s an important one. Insurance company inspections also involve learning more about your type of business and potential hazards. For instance, the inspector might inquire about cybersecurity measures to check for liability risks. Or your inspector may do his or her own research regarding the crime rates in your local area.
Provides You with Information Regarding the Next Steps
Naturally, everyone hopes for a clean report following an inspection. But most issues insurance inspectors find are correctable and won’t prevent you from being able to secure business insurance. Following the inspection, your insurance company will provide you with a report of any areas that need improvement. Correcting the issues helps you keep your insurance policy and rest assured your company is less likely to need to file a claim.
Business owners need to make sure they protect their companies and employees by purchasing the right insurance coverage. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and car insurance Chula Vista, call on the trustworthy professionals at Altra Insurance Services. Reach out to us today to learn how we can satisfy all your insurance needs.