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 from property damage in case disaster strikes.
Commercial Property Insurance Protection: The Basics
If you want to protect your business against interruptions and losses, 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 business owners and entrepreneurs rely on insurance policies to cover their property in the event of a catastrophe.
Any large or small business, whether it consists of a few computers or a dozen buildings, should arm itself and its assets with commercial property insurance. Food and hospitality establishments, in particular, should never be without property coverage since these are the areas most prone to unfortunate, complicated incidents.
What Is a Covered Event?
Commercial property insurance for restaurants and bars typically comes 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 the following: