As a commercial property owner, it's important to have adequate insurance coverage for your investment. Many business owners overlook the benefits of adequate property insurance coverage, but understanding some of the most common insurance claims can help you appreciate the policy that you need. Here are some of the most common claims for commercial property insurance policies.

Trip and Fall Accidents

With so many people visiting commercial properties on a regular basis, it's common to experience a slip and fall injury sometimes. Business owners strive to reduce those risks through mitigation efforts, treating ice and snow, and reducing obstacles. Unfortunately, trip and fall claims can prove costly if they cause serious injuries.

Burglary

Commercial properties are prime targets for burglary and theft, especially if surveillance systems are not prevalent. If you're a commercial property owner, make sure that your policy includes sufficient coverage for the potential of burglary and theft. These are common claims for commercial property owners, especially in the case of retail facilities.

Weather Damage

Commercial properties are prone to weather damage from severe storms. Wind, ice, and hail damage to commercial buildings can be costly to address, especially when you're dealing with severe issues and the resulting leaks. Your commercial property insurance must be significant enough to repair this type of damage, including roofing damage issues and water damage.

Frozen Pipes

In areas where the winter season brings sharp cold temperatures, you need to be mindful of the effect of those temperatures on your building's pipes. Commercial buildings often have areas with insufficient insulation, which makes the plumbing system vulnerable in those areas. Frozen water pipes and damage from those cracked, broken pipes can be costly to repair. Your building insurance can cover that damage.

Fire

No commercial business owner wants to think about the risk of a fire on their property, but the fact is that fire is a serious hazard for every commercial property. Make sure that your policy extends coverage for fire damage and any resulting water damage from extinguishing the flames. 

Commercial property insurance coverage is an important investment for every business owner. Make sure that your building, property, and business are protected from costly losses as a result of these hazards. Talk with your agent about these risks as well as any others that your business may be vulnerable to and invest in coverage that will protect against all of them. This can help you avoid potentially disastrous losses.

Share