Commercial Property Insurance – Before a Major Loss

Commercial Property Insurance – Before a Major Loss

As a business owner, you need to provide yourself with as much financial protection as possible. This includes making sure that you purchase commercial property insurance, and that you make sure that your policy is up to date before it is renewed every year.

The first thing you need to do to remain covered is not wait until a few days before your policy expires to renew. You should begin the pre-renewal process between 90 and 120 days before your renewal date. This is why using an Independent Insurance agent, like CCW, is the best choice.

An independent insurance agency like CCW will contact you prior to your renewal to discuss and offer advice on your business policy, reviewing everything from the previous year. You’ll want to go over any losses that you have incurred as well as provide your agent with a recent financial statement. The statement of values should be reviewed as well. This will require a physical inspection of your commercial property. Personal attention to your business policy is crucial during the renewal process.

Any changes to your commercial property, from the structure to the equipment used within, can affect your commercial property insurance. You should also be wary about having a co-insurance clause, which many put into place because only two percent of property losses are total. However, if your evaluation of the property’s worth is off, then you can end up having to pay a co-insurance penalty. You can remove a co-insurance clause by making sure there’s a recent appraisal of your property, machinery and equipment as well as accurate information about your inventory.

Contact us at CCW Insurance for more information about commercial property insurance.