Paramount Insurance Customized Commercial Property Insurance Program
Property insurance covers your buildings, contents and outside structures. This can include protection for machinery, tools, electronic equipment, furniture, inventory, electronic data, signs, fences and more. However, there are exclusions and limits found in most policies and not all perils are covered even in so-called “All Risk” commercial property policies.
Every business has different needs and this is a time when your specific needs should be reviewed and coverage for the various property your business owns should be addressed by a specialist that can provide this protection.
We can help create a customized insurance program that can give you the protection you need and not include the coverage you don’t… saving you money. We can help you identify your business’ unique exposures and design your commercial property insurance program that addresses these exposures to maximize your protection.
Common Pitfalls Found in Commercial Insurance Package Policies
- Covered Perils- Different policies cover for different perils. Almost all policies cover for fire, wind, riot, theft, and vandalism. They also exclude perils such as flood and earthquake. Your business may be exposed to other possible perils that should be addressed.
- Policy Limits and Sub-limits- Much of your business commercial property is subject to specific limits when a loss occurs and can greatly affect your claim.
- Rented or Leased Equipment- This property is typically not covered at all unless addressed. If you rent or lease equipment, you need a customized commercial property insurance policy with coverage for this equipment.
- Coinsurance Penalty- If your policy contains a coinsurance penalty clause, the amount paid for your claim can be drastically reduced if your insurance coverage limit is less that actual property value.
