Special Guest Author Kris Langer: Commercial Insurance Is Important for Covering Your Assets

It’s a Saturday morning and you are enjoying your vacation far away from the worries of your business in a tropical paradise. You have trusted your staff to hold down “the fort” while enjoying some down time to relax your senses. Then the unthinkable happens. You get a phone call and are told there was a catastrophic loss to your headquarters.  Being proactive in regards to insurance and your business can make all the difference in being able to open those doors to the public again or being forced to close for good.

This exact situation happened to our clients: A car lost control and crashed through the front of their building with a final resting place just next to the checkout counter.  Thank goodness nobody was injured as the store was closed at the time, but the damage was done.  The aftermath of the crash left destroyed inventory, a building not fit for occupancy due to structural damage, and most importantly a question as to the loss of future sales.

Every business owner should be aware of the insurance needs for their business. It goes far beyond legal requirements and credibility within the marketplace.  Insurance protects you and your business from the perils beyond your control.  Assets are defined as economic resources, or anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value.  It is important to know what types of coverage are needed to properly protect your company’s assets.  Purchasing policies for all of the “what if” questions that need to be answered when obtaining insurance.   Some of the most basic questions business owners need to ask when obtaining insurance are:

–          Is my inventory protected and at what amounts?

–          Is there protection for a damaged building?

–          What exclusions are there to the policy?

–          Is there protection from lost revenue due to a peril?  

–          If the space is rented, who is responsible for repairs to that space?

An annual review with your commercial insurance agent is highly recommended. Also recommended is a consultation with your agent should there be any changes with services offered by a business or significant equipment purchases during the year. Your commercial insurance agent should be presenting different options that are tailored for your type of business. 

Does your commercial insurance cover your assets?  Some examples of things that could happen to your home or business can be found in some of our before and after pictures, see here.

Kris Langer, Director of Marketing at Interstate Construction, LLC can be reached at 866-463-7981, or klanger@interstateconstructionllc.com to help if you have a disaster.  Interstate Construction, LLC is a full service insurance restoration general contractor, and helps homeowners and commercial property owners restore their investments after damage due to water, fire, storm, vehicle impact, and crime.