Regardless of whether you own your business property or you are renting a space, there is no underestimating the importance of Ohio commercial property insurance. If you want to protect your commercial property, including your building and everything in between, you’ll need to address the risks and liabilities of business ownership comprehensively. Commercial security measures can take care of external threats of vandalism or theft, but they won’t protect you from financial losses and expenses when disasters or accidents happen.
What Does a Commercial Property Insurance Policy Cover?
Purchasing an Ohio commercial property insurance policy will address the key exposures of your company’s assets. Risks include:
- Theft
- Vandalism
- Fire
- Storm damage
- Burst pipes
- Explosions
Though floods and earthquakes are potential risks, most commercial policies list these occurrences as excluded coverage situations. They can, however, be added to a policy if desired. Any asset that is in your building or outside of it, as well as the building itself during one of these events, would be covered by your commercial property insurance. Covered losses can include damage to exterior signs, inventory, computers, important documents, furniture, and landscaping.
What Are Types of Commercial Property Insurance?
There are different risks associated with the different business properties, such as the likelihood of an explosion destroying an office space compared to a boiler exploding in a manufacturing plant. Though a commercial property plan will address the most common liabilities, business owners can tailor their coverage to protect their company in more unique situations. Coverage options can be divided into four different categories.
- Direct damage coverage: This coverage area deals with replacing or repairing any physical items that have been destroyed or damaged under covered losses. This would be a general commercial property policy or business owners’ policy.
- Time element coverage: Business losses during a covered event can include lost production or operation time while the company waits on repairs or damaged items to be replaced. Two insurance options in this category include extra expense insurance (costs that exceed everyday operating expenses) and business income (lost revenue due to the covered incident).
- Inland marine coverage: Also known as a floating policy because of its portable nature, this coverage is for equipment or property that is transported from one location to another for business purposes. It is usually added as an endorsement to a commercial property policy, and contractors, cleaning companies, or landscapers are just a few who rely on this coverage.
- Crime coverage: Covering more than just external theft of property, internal theft committed by an employee can be covered through an employee theft endorsement. Financial crimes, through money orders or computer fraud, can be added to the company’s crime coverage.
All-risk policies can still leave gaps in your company’s property coverage. Carrying a policy or bundling several of these coverages ensures you have the most comprehensive protection for your company.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
