One of the most important things you can purchase for your business in is a commercial insurance policy. To ensure you get the right coverage for your needs, know what is valuable to your company and how fire can impact your premiums.
Include All of Your Valuables
Identify all of your corporate assets before sitting down with an agent. Make a list of items that have a high cost to replace or are critical to guaranteeing that your business functions on a daily basis. This list will help you determine what you need to have covered.
Important business assets should consist of those things that can be impacted by natural disasters as well as criminal activities, including ice and hail storms, mold or water contamination, auto theft or vandalism, and major events such as hurricane and fire damage. Make sure to have commercial insurance for big and small assets:
• Manufacturing equipment, delivery trucks, fleet vehicles and other big-ticket items
• Your main corporate office space and exterior buildings, such as warehouses, storage facilities, equipment sheds and security offices
• Inventory and its packaging, including products, boxes, packing materials and shipping containers
• Major office equipment such as phone systems, hard drives, computer systems and copy machines
Understand How the Potential for Fire Damage Can Affect Your Policy
One of the biggest factors that impacts insurance costs is how much fire damage your facility could sustain. Location is a primary concern — being in a city that is easily accessible to firefighters and fire restoration companies is better than being in a remote location. Being close to fire hydrants and a fire station will bring your premiums down. An old, all-wood building is considered less safe, and therefore more expensive, than an office in a newer facility constructed with fire resistant materials. Generally speaking, an office building is cheaper to insure than a building that houses hazardous materials and areas, such as gas stations and commercial kitchens.
When getting a commercial insurance policy, be sure to count all of your assets against losses including fire damage and other catastrophes. It’s also wise to take into consideration how your building’s location, construction, and contents may impact your premiums.