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Ensure the Value of Your Property Insurance With Proper Coverage

Property insurance steps in to protect you against a loss whether you own or lease the building you occupy. It’s important to understand the breadth and depth of coverage you carry so you can rest assured if and when a loss occurs. As a valuable client of Haughn & Associates (H&A), our staff will review your insurance program to ensure you have the right amount of coverage along with the policy terms, features, and enhancements needed to cover the physical assets of your Ohio business and contents (including owned or leased equipment, furniture, inventory, and supplies) from fire, storm, accidents, malicious actions, theft, and other risks.

Commercial Property Insurance Solutions

The amount of Property coverage you need depends on several factors, including the type of property and its physical location. Depending on whether the policy is written on a replacement-cost or actual-cash-value (ACV) basis impacts the premiums for Property insurance. A replacement-cost policy ensures that your settlement is based on the cost to replace the damaged property at current market prices, while an actual-cash-value policy reimburses you for the property’s depreciated value. H&A will go over your policy-basis, deductible, and coinsurance options with you in detail as part of establishing your program.

Importance of Equipment Breakdown Coverage

A standard Commercial Property policy contains exclusions for electrical disturbance, mechanical breakdown, and explosion of steam boilers and piping; this is why it is critical to have Equipment Breakdown coverage as part of your comprehensive insurance program. Equipment Breakdown will respond with coverage for:

  • Expenses to repair or replace damaged equipment.
  • Income lost when a covered breakdown results in a partial or complete business interruption.
  • Costs incurred for the time and labor involved in repairing or replacing your broken equipment.
  • Expenses for replacing materials or stock that spoils.
  • Additional costs incurred as a result of reducing your loss or expediting restoration of the equipment.

Covering Loss of Income & Ongoing Expenses

Our staff will also discuss the need for Business Interruption and Extra Expense insurance to make sure you are properly insured in the event that your business is shut down due to fire or storm damage. We want to help ensure you can continue to pay ongoing expenses while repairs or rebuilding takes place, and that you can recover loss of revenue as a result of having to close temporarily because of a covered property loss.

We will discuss your need for additional coverages that you may require for adequate protection such as Commercial Flood insurance, as well as any Inland Marine insurance you should be carrying that’s critical for the construction industry – e.g. Builder’s Risk, Contractor’s Equipment, and an Installation Floater.

Our Commitment to You

At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow our team to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection for your insurance package.