If you own a business, you probably think you have a pretty good idea of what kind of commercial property insurance is available. You have to ask yourself on question though: Am I protected enough? While there are many things that are covered by standard-issue commercial property insurance, there are also a few extra things that you may want to think about adding to your policy.
The first thing you may want to add to your policy is business interruption insurance. What this special add-on does is protect you if your business ever has to close or is losing customers due to something they cannot control. If, for example, a business discovers that they have an infestation of cockroaches or other pest, they would have to close while pest control fixed the problem. That isn’t the only reason a business would have to close, though. Have you ever had to take a detour on your way to work because a road was closed? Of course you have. But have you ever wondered what happened to the businesses on those streets, now that there was no access to them? This also covers any loss of money you have because of damages or any other reason mentioned in the policy.
The second add-on is an extra-expense insurance policy. This protects you if you ever have to temporarily relocate your business. This works a lot like the business interruption insurance because both can come into play if you have to temporarily have to close your business. It covers the cost of temporarily moving your business while it is being rebuilt, repaired, or renovated.