What Types of Things are Covered Under Commercial Property Insurance?

It is not legally mandatory for residents of Goldsboro, NC to have commercial property insurance on the buildings in which they do business, but it can be required by the owners of the building if it is being leased or rented, and many people choose to insure their buildings to protect their assets. This policy can be purchased as part of a commercial insurance package, or it can be written separately, and on the declaration page, it should list any finished additions, outbuildings, machinery, or equipment that is to be covered. 

Specified Perils Versus Open Perils

You can discuss insuring specific perils with your insurance representative, and these can include things like fire, wind, and tornado. Flooding and the movement of earth that takes place after a flood is usually excluded, as these will require you to purchase specific insurances for these scenarios. Open perils coverage is more inclusive and covers multiple things unless they are written in as an exclusion. This offers more comprehensive indemnification. 

Other Coverages

Business owners can be covered under builder’s risk protection while they are adding on to the current structure of their edifice. They can purchase insurance for legal liability that helps in situations where damage is caused through error or an omission on the part of the business to the personal property of others, and this can include fire legal liability. Business owners can also obtain coverage that protects them against losses due to zoning and land use laws. 

Wayne Realty & Insurance Co., Inc. Can Help

Wayne Realty & Insurance Co., Inc. are purveyors of commercial insurance and can help you with any questions you may have regarding coverage. We have experience serving the Goldsboro, NC region and consider it a privilege to serve you. Stop by our office or call us to discuss all your commercial insurance needs.