Don’t wait and find out the hard way if you have the right coverage or not. This type of mistake can be a grave one for your business, one that you might not ever be able to recover from. As your trusted partners in property insurance, we’re here to suggest a few of the best commercial insurance coverages you should consider for your business! Altieri Insurance Consultants Tampa is the partner property owners rely on, offering expert advice and comprehensive policy reviews to keep Tampa businesses thriving by overcoming perilous financial obstacles.
1. Commercial Property Insurance
The most essential type of coverage in your commercial insurance starter pack should always be commercial property insurance. This type of coverage includes all of your basic needs like instances caused by natural disasters or other types of accidental damage. No smart business owner gets by without commercial property insurance, so it’s time to get started if you’re not already prepared.
The size of the building isn’t the only thing that separates a business from a home. Read our guide on the key differences between commercial and residential insurance claims to learn more!
2. Business Interruption Insurance
Every day you’re shut down is an entire day of lost profits, and that should count toward your claim, too. Opting for business interruption insurance will grant you protection from losses that you may have suffered while waiting for repairs. These losses can be a business-killer, so make sure you’re prepared!
Business interruption insurance may cover the following losses:
- Predicted profits
- Mortgage or rent payments
- Employee pay
- Taxes
- And more
3. Tools and Equipment Insurance
The cost of replacing damaged tools and equipment isn’t always covered by commercial property insurance. This is precisely why policy reviews are crucial. If your policy doesn’t cover lost equipment, you’ll know to opt for tools and equipment insurance which compensates you for stolen, damaged, or vandalized gear. This is a must-have for any kind of business whether you run an office or a store. Can you imagine proceeding with business per usual if you don’t have a computer to log information or products to sell?
4. Commercial Vehicle Insurance
When you bring your services to your clients, maintaining a fleet of commercial vehicles can be a big part of your business. But in the face of disaster, it’s not practical to drop everything else and move your cars to a safer location. That’s why we highly suggest that you get commercial vehicle insurance to protect your mobile fleet. From work trucks to commercial vans, it’s worth it to make sure your vehicles are covered.
5. Excess Liability Insurance
Some of the more unfortunate business owners know what it’s like to have all of the coverage in the world and still not receive full reimbursement. This is where backup insurance comes in handy. Excess liability insurance is there to pick up the slack, compensating for disastrous losses that exceed your basic coverage.
How much could you possibly need to recover from a big disaster? Read our guide on understanding reconstruction costs to help you figure out how much you might need when filing a property insurance claim.
Are You Properly Insured? Reach Out to Altieri Insurance Consultants Tampa For a Policy Review!
Leaving it all up to chance is something that no business owner should ever consider. It’s not worth it to risk your livelihood in the hopes that nothing will happen to your property or that your current insurance policy will cover what you need when the time comes. That’s just wishful thinking, but we’re here to help you run your business smarter.
Reach out to Altieri Insurance Consultants Tampa to find out how we can prepare you for the worst so you can come out of it like a pro!
