Posted on: 10 June 2015
You may already know that your commercial insurance policy offers an excellent safety net for both you and your employees. What you probably don't know is that you could be getting far more expansive coverage for only a little more money, if you only knew what to ask for. There are several types of commercial insurance policy additions, commonly called riders, that can really help you get your money's worth from your insurance. These riders are well-kept secrets in the insurance world because they aren't big money-makers for the insurance company. Instead, these riders are especially beneficial to you, the customer. Keep reading to learn more about the secret commercial insurance riders that you've got to get.
Most people may think that glass coverage is only for automobiles, but in fact you can get it for your commercial property as well. A glass rider will pay for a window repair or replacement if your windows are broken or otherwise damaged due to either natural disasters or vandals. This type of coverage isn't often included in the standard commercial property policy, so it can pay for itself pretty quickly when disaster strikes.
Business Interruption Coverage
While your standard commercial property policy will typically pay for the repairs necessary after a major loss, it won't compensate you for all the money you're losing while closed for those repairs. With every day of business closure, your company loses more revenue, but the business interruption rider will pay for those losses. The amount of compensation for business interruption is typically based on past revenue, and you'll be paid for every business day that you must remain closed for necessary repairs.
When a disaster occurs, your property will often be left in a state of disarray. Although your property will be covered for any damages that occurred, it won't be covered for the removal of debris under the terms of the standard commercial property policy. The only way that debris removal will be covered by your standard commercial property policy is if debris must be moved in order for the repair contractors to reach the necessary areas when you have a damage claim. This can leave branches, trash, and other random debris covering your company's property after a storm. By purchasing a debris removal rider, you can get all of this debris removed, even if you don't have a damage claim at the same time.
The three commercial property insurance riders discussed above are all typically inexpensive and easy to add to your policy. Ask your commercial insurance agent about adding these invaluable coverage types today!Share