Business Insurance for Clients in Lake Elmo, Stillwater, Woodbury, St. Paul, Eastern Twin Cities, Minnesota as well as Hudson and Western Wisconsin
What is Commercial Property Insurance?
Businesses have many physical assets, including buildings, computers, specialized equipment, outdoor signage and inventory. If a fire, storm or thief were to damage or steal these assets, a business may have to go through a recovery process before their doors can open once more.
Without adequate commercial property coverage, approximately a quarter of businesses fail during the first year following a disaster or theft. Such events result in hundreds of billions of dollars in paid claims. Most businesses cannot afford such a substantial loss. Commercial property insurance can assist with repairs, replacements and lost income during a tumultuous time like a natural disaster or theft.
How does commercial property insurance help?
Commercial property insurance helps businesses survive various situations. These situations include the following:
- Repair or replacement: Coverage can extend to assets that are lost, damaged or stolen due to fire, storm, hail, tornado, theft or vandalism. Damage from flooding and earthquakes are excluded.
- Lost income: Income loss results from a business’ inability to run as usual following a disaster. This coverage can offer lost income relief, along with the expenses associated with recovery.
- Temporary location: A devastated building may no longer be able to support daily operations. Coverage can extend to funding a temporary location while repairs are being made.
What is Commercial Umbrella Insurance?
Savvy business owners consider several different commercial insurance policies to protect their businesses. But, what do you do if something happens that results in higher bills than what your current policy covers? Commercial umbrella insurance can come to the rescue under such circumstances.
What are the benefits of commercial umbrella insurance?
Once your claim reaches your policy’s limits, your umbrella insurance helps cover the rest. Think of this policy as a literal umbrella perched above your underlying policies to add an extra layer of protection.
For example, say you have $1 million in coverage from your standard business insurance policies. If you face a legal settlement of $1.5 million, an umbrella policy will cover the additional $500,000.
We live in a litigious society. Lawsuits can cost a business millions. This coverage is a prudent decision to protect you against possible lawsuits. The high costs of a lawsuit can catch a business off-guard. But, umbrella insurance can keep you from permanently closing your doors.
If you want higher policy limits, umbrella insurance is an affordable way to get them. This is because you don’t have to raise the limits on your other individual policies. It is important to know that umbrella insurance will not extend coverage limits on errors and omissions or professional liability policies.
We can assist you in finding the commercial property insurance policy that best suits the needs of your business. Call us today with any questions or concerns or to start the process of finding comprehensive coverage for your business.