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insurance coverage planning for business

Choosing the type of insurance that is necessary for your business can be a difficult and daunting task. With several types available, how can you be certain you’ve selected the right one for your needs? Or that your business is truly covered against all issues that could arise? 

If you own the building your business is in, this question can be even more difficult and produce more questions. The only fact is this – insurance is necessary and it will protect you from financial losses due to damage of physical assets, as well as other coverage – all dependent on what you choose. 

Let’s review a few choices in insurance coverage:

Direct Damage Property Insurance

First is direct damage property insurance. This is what most people think of when they think of property insurance. It’s what will cover you and your building if it suffers a loss or damage to physical property. A fun fact: natural disasters are not always covered under this policy. It’s extremely important to speak with your insurance provider to be certain your policy covers these types of catastrophes. 

How to Purchase Direct Damage Coverage

Finding direct damage coverage is typically part of a commercial property policy. If your policy covers damage to business buildings, machinery, equipment used in everyday office life, inventory, etc. you are more than likely covered with direct damage coverage. The great thing is this coverage typically covers leased equipment as well. This allows no need to worry if you don’t own the equipment outright. 

You can tailor the policy to suit your needs by adding, removing, or editing coverage to make it fit your specific building and business. Insurance companies refer to these amendments as “endorsements” and your broker will review these with you before you sign the policy. 

Time Element Coverage

Another type of insurance you may consider is time element coverage. This is a policy that covers losses tied to a period of time it takes to repair damaged property. If you think about it, losses to your business grow as time of repairs increases. Time element coverage can be extremely beneficial in the case of necessary long repairs. Here are a few examples: 

  1. Leasehold interest coverage: This will handle the financial loss that you incur if your lease is cancelled due to direct physical loss or damage to your property. 
  2. Business income coverage: This policy will cover any income your company loses if your business is forced to shut down when physical damage occurs to your property. 
  3. Extra expense coverage: This is exactly as it sounds. With extra expense coverage, your policy covers any expenses incurred to avoid shutdown of your business after physical loss to your building or property. 

Time element coverage is typically built into a commercial property policy. The benefits far outweigh the risks of being caught without this policy type. 

Let Water Out Handle the Insurance

If you find yourself in a situation where your commercial property has suffered damage from fire, flood, or other disaster, Water Out is here to handle the restoration and clean up. We will get you and your employees back to normal as quickly as possible with minimal financial loss. 

We will work directly with your insurance company, providing them with the documentation needed to process claims, allowing you to focus on restoring your business back to normal.  Call us for more information on our restoration services today.

Contact Water Out today 260-489-2070 for emergency property damage cleanup and services by Water Out of Fort Wayne, Northeast Indiana, Southwest Michigan, and Western Ohio.



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