Yes, You Need to Know – Commercial Property Insurance Quick Tips
Commercial Property Insurance Serves Oklahoma Business’s Unique Needs
One of the most common types of business insurance is commercial property insurance. It provides a wide range of coverage for:
- Buildings
- Inventory
- Equipment
- Tools
- And more
Check out examples of typically covered situations:
- Losses from fire
- Break-ins
- Windstorm Damage
- Windstorm Damage
- Losses from other natural or manmade disasters
Basic commercial property insurance policy may be all you need. Before you start, understand your choices. As an independent agent, Omega Insurance helps you understand what to look for.
- Losses from fire coverage vary between insurance companies, which has what you want?
- Since types of coverage vary between insurance companies, which has what you want?
- What range of coverage should you look for?
- For a full list of coverage available, or to learn more about this product, contact us today
Oklahoma – What you need to know about commercial property insurance
Building Coverage Tip
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Insurance companies offer available cost estimators.
Tip: We recommend that you secure an appraisal from a third party. This helps you accurately determine the current replacement cost of your building. Give us a call today at 405-769-6701. We will help you determine if you have enough commercial property insurance for your business.
Flood Coverage Tip
Most commercial property policies exclude flood as a covered cause of loss.
Tip: Get the flood coverage protection through purchasing a separate policy. Check your current property insurance policy to be sure you are covered. If you’re unsure, ask Omega to review your coverage. We’ll help you find the best solution.
Business Personal Property Tip
What does business personal property insurance cover? It covers property at a specified location for furniture, fixtures, equipment, and inventory. Be aware! Most commercial property policies have limited coverage for property removed from a specified location.
Tip: Do you frequently take equipment off-site? Then this is important. Ensure that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage) Tip
This coverage reimburses business owners for lost profits and fixed expenses while a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. What if civil authorities limit access to your neighborhood or business after a disaster? Business Interruption coverage may cover financial losses during this as well.
Tip: We at Omega Insurance strongly recommend that all businesses get this coverage.
Electronic Data Processing (EDP)
Tip: EDP coverage is separate property coverage. It is specifically designed for protecting your computer-related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Get Help Navigating Commercial Business Insurance
Based in Oklahoma, Omega understands the business insurance needs of our customers. The right coverage for you is unique. Call us at 405-769-6701 today. Find out how to protect your business and your future with the right insurance.