Commercial Property Insurance for Your Business
The value of a sound Commercial Property insurance plan is never more evident than when a claim occurs. Making sure you have the right amount of coverage along with other key property enhancements requires a professional experienced in the market. That professional is Cumbre Insurance Services, LLC. For nearly four decades we have been insuring businesses throughout the Golden State and beyond. We understand what it takes to make sure our clients are covered in the event of a property loss like a fire. We also partner with carriers that offer the right mix of strength, service, and overall policy inclusions needed by property owners.
Evaluating Your Property Exposures
Our staff will evaluate how much Commercial Property insurance you should be carrying on your building if you own it and the amount you need to protect the contents within your building. Property insurance is designed to:
In assessing your exposures, we will also discuss the benefit of adding Ordinance or Law coverage to your Property policy. Older structures that are damaged may be required by municipal law to upgrade electrical, HVAC, and plumbing units. As a result, a property owner may not be permitted to rebuild a damaged structure as it was originally designed or constructed unless it complies with the laws and codes in place at the time of an insured loss or that go into effect after the loss but before reconstruction begins. Compliance can add cost to the overall project as well as extend the duration of restoration. Additionally, owners of newer buildings may also be required to adhere to new or updated regulations after a loss; for example, some cities have introduced green laws that impact construction. Ordinance or Law coverage will help pay for the increased cost of construction caused by enforcement of a code. It also provides other coverage with regard to the value of undamaged portions of the buildings that are required to be demolished due to enforcement of a code and for the demolition of undamaged portions of covered buildings required by code.
Protecting Against Business Interruption & Other Losses
In addition to protecting your damaged property in the event of a loss such as fire, vandalism, theft or other loss, Business Interruption insurance should be a part of your overall Commercial Property insurance. If you have to close down due to damage to your building, you will lose business income and expenses will still need to be paid. You may also have extra expenses in opening a temporary location while rebuilding or repairs are being done. Business Interruption will help you pay for loss of income and normal operating expenses such as mortgage/rent, taxes, employee wages, etc. Extra Expense insurance will cover your additional costs to open in a temporary location.
Equipment Breakdown coverage is also an important coverage for businesses, as it covers the cost to repair or replace damaged equipment, including time and labor. Coverage can be designed to cover lost income and spoiled inventory as a result of equipment breakdown.
Builder’s Risk insurance is available to protect any materials or equipment from damage or loss sustained during construction or remodeling.
It’s important to note that business Property coverage doesn’t protect against losses as a result of natural disasters such as floods or earthquakes. These risks are covered by separate specialty policies that fill potential risk gaps. The specialists at Cumbre Insurance Services will review with you the specific policies available .