What happens if a tornado rolls through town and demolishes your restaurant? What happens if a vandal runs his car through your front window? Or what if a pipe bursts and floods your kitchen, destroying floors, walls, and valuable equipment? Unfortunately, most business owners are one storm, accident, or theft away from bankruptcy and ruin. Fortunately, commercial property coverage can protect you in case disaster strikes and property damage results.
Commercial Property Insurance Protection: The Basics
If you want to protect your business against property loss or business interruption, you need a robust insurance policy. From hurricanes to kitchen fires, from Mother Nature to local vandals, the risks are many and diverse. That’s why most owners and entrepreneurs rely on insurance policies to cover their business property in the event of a catastrophe.
Any large or small business that owns property, whether it consists of a few computers or a dozen buildings, should arm themselves with business insurance. Food and hospitality establishments, in particular, should never be without property coverage since misfortune can strike at any moment.
What Is a Covered Event?
Insurance policies typically come in two varieties. You can either purchase named perils coverage, which insures you solely against a list of perils specifically laid out beforehand, or open perils coverage, which insures you against all events that aren’t specifically excluded.
In either case, you should know what types of events your policy covers. Most property insurance covers losses related to: