As a responsible business owner, you likely have the right commercial property insurance in place. While you might assume that this form of insurance will protect your company’s building and property against every type of risk out there, this isn’t the case. All forms of insurance have their limitations, and commercial property coverage is no different. To ensure that you are no taken by surprise, here are some of the common perils that are not covered under your commercial property policy.
Coverage for flood damages is excluded in standard commercial property policies. The only way to secure this coverage is with a specialty commercial flood insurance policy. So, if your business is located in an area of high flood risk, then you should secure this specialty policy to avoid a dangerous coverage gap.
Similar to flood damage, standard commercial property policies will not offer coverage for earthquake damage. To secure this important coverage, you will have to secure specialty earthquake insurance for your business.
Commercial Auto Accidents
While your company’s vehicles are technically commercial property, they are not covered under your commercial property insurance policy. To secure coverage for your company’s vehicles, you will need to secure commercial auto insurance. Securing this type of insurance will ensure that the cost of auto accidents or other vehicular damage events does not affect your business’s profits.
These are some of the most common commercial property coverage exclusions. Worried about gaps in your business insurance? Don’t worry; you can secure the comprehensive commercial coverage that you need from the experts at Phocus Insurance in Phoenix, Arizona. Contact us today to learn about all our business insurance offerings.
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