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Tag Archive | "business building insurance"

Business Building Insurance Made Easy

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Owning business building is one of the wisest investments you can make. The rent associated with these investments is considerably high as compared to residential properties. However, there are distinctive risks associated with business buildings that can make you miserable if you don’t proactively guard against them. Some of the hazards associated with these business buildings range from fire, earthquake, wind, snow and any other natural disaster.

How do you then guard against the loss associated with your business buildings? The smartest way you can take to protect your business building is to get a business building insurance quote either online or from your insurance broker in order to have the sound mind to perform your business without fear of losing your investment through the occurrence of the aforementioned perils. The basic business building coverage you get from your insurance company are “named peril” and “all risk” policies.

“Named peril” policies, as the name suggests, gives the specific perils (that is events leading to a loss) that the insurance company will response to in the event of a loss. “Named peril” policy therefore gives the purchaser of business building insurance policy the option to take a specific peril or event, unlike “all risk” policy which provides coverage for all kinds of risks. This gives a good option for people who are prone to a specific risk in their geographical location or have small probability that a certain kind of peril will happen to them. For example, it will be prudent for someone living in an earthquake prone state like San Francisco to have a business building insurance that covers earthquakes whiles neglecting other perils that have lower probability of occurring.

On the other hand, “all risk” policies give the owner of business building coverage for all risks unless they are omitted for some reasons. It therefore provides coverage for an array of risks that could cause loss to the insured. One should expect that because of the wide coverage “all risk” business building insurance is relatively expensive than “name risk” or specific risk business building insurance. It is up to you to decide which business building insurance to purchase whether “named peril” or “all risk”.

It is therefore advisable that before you start your business, you should have business building insurance in mind in order to get the confidence in your business continuity in case a major loss occurs. It’s god to know that with the advent of technology, it is easy to get business building insurance quote online or consult a professional if need be.