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Property damage and theft, employee injuries, liabilities, and various business interruptions can lead to significant losses for a company, making commercial insurance vital. Before selecting a policy, it would be best to learn as much as possible about your options, including typical exclusions. Below are more details explaining the average provisions in a commercial insurance policy, including what’s typically excluded.
Other Property
Properties and belongings are typically what commercial property insurance covers. However, commercial property insurance doesn’t include unowned properties. This applies to items damaged at your business location or by an employee. For instance, if an incident such as a fire damages your guests’ vehicles at your establishment, your commercial insurance won’t cover those customers’ cars, trucks, or SUVs.
However, your business’s automobiles are covered under your commercial insurance policy. You and other authorized team members should review all inclusions and exclusions to discover what commercial property is included. Remember the items you expect to be covered may be typically excluded.
Floods & Earthquakes
Commercial insurance doesn’t often cover damage caused by natural disasters, including floods and earthquakes. The damage that occurs due to these exclusions usually requires extensive repairs or complete rebuilding. Sometimes, the claims are too expensive, forcing insurance companies into insolvency. To bypass these financial burdens, most providers exclude these natural disasters or suggest separate coverage.
Speak with insurance providers about additional coverage options, such as flood insurance. You need to learn more about those exclusions and inquire about discounted rates with your current policy.
Commercial Auto Accidents
Racing is an illegal activity that shouldn’t occur when operating a vehicle if you’re depending on personal or commercial auto insurance. Most commercial policies will deny coverage when you or an employee get injured or the vehicle gets damaged due to organized or professional racing.
A commercial insurance policy also excludes any accident that results from rebellion and insurrection. Always avoid hostile actions when operating your business vehicles. This type of aggressiveness is considered road rage, and not only is it unacceptable for coverage, but the action could also lead to legal repercussions, such as losing your driver’s license, paying costly fines, and even possibly serving jail time.
Maintenance Issues that Lead to Damage
Keeping your business property well maintained is necessary. However, many companies fail to do so, thinking it could save them money. This is a myth. Companies often face severe damage when they fail to keep up with maintenance, especially if employees are harmed while operating machines or accessing damaged buildings.
Lack of maintenance could negatively affect customers and individuals accessing your property, equipment, products, and services. Regardless of how the lack of maintenance leads to damage, your commercial insurance policy won’t cover the repairs, replacements, and monetary setbacks.
If you’re a business owner, make sure to protect your business by purchasing the right insurance coverage. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance Chula Vista residents should call on the trustworthy professionals at Altra Insurance Services. Reach out to us today to learn how we can satisfy all your insurance needs.