As a business owner, it is critical to insure your business with adequate commercial property coverage, that will protect you in the event of a loss. There are far too many businesses out there that were unable to recover from a major property loss due to inadequate insurance coverage. When you are looking for an insurance policy, there are a few critical topics that you should discuss with your insurance agent.
The insurance coverage needs to have sufficient limits for your particular business. You should sit down with your agent to come up with an adequate limit. It is important to remember that you need to come up with a replacement cost value that includes not only the structure but the inventory, supplies, equipment, etc. In addition, you will want to discuss with your agent about adding business interruption to your policy that could help you recover losses in the event your business cannot operate for an extended period of time.
Another important coverage to discuss with your agent is storm and flood coverage. Anyone living in the Arlington, TX area knows how devastating storms can be. You should review with your Strack Insurance Services agent which storm and flood coverage are appropriate for your business.
If your business property is an older structure, you may also want to discuss Compliance coverage with your agent. If you need to replace all or parts of the structure you need to keep in mind that some areas will need to be upgraded to meet new or updated building codes. This add-on can help cover those updates.
If you are interested in learning more about commercial property insurance for your business, please feel free to reach out to an agent at Strack Insurance Services. We proudly serve the Arlington, TX area.