Finding a reputable insurance broker for your commercial property coverage is necessary for business success. Business owners invest a significant amount of time, money, and resources to build their business into successful operations. Unexpected disasters and interruptions to business can occur in a moments notice and have a significant impact on financial sustainability. Business interruption insurance in conjunction with standard property insurance must be purchased to protect your valuable assets in the event of a disaster. Business owners must carefully examine their standard policy to understand the coverage and exclusions. Generally speaking, business interruption insurance is not automatically packaged with property damage coverage. A reputable insurance broker will explain the variations in available property coverage and make sure you understand exactly what is covered and what is excluded. High-quality insurance brokers with integrity should offer you the option to purchase business interruption coverage in addition to standard coverage. The best way to find a reputable agent is to ask other trusted business owners for recommendations. Many highly regarded insurance agents are well known in the business community and word-of-mouth recommendations carry a significant amount of weight. If you are fortunate to know a business owner that experienced an unprecedented loss and recovered successfully, ask for the name of their insurance agent. Chances are this individual was covered with an adequate amount of standard property insurance and business interruption insurance.
If you are unsure of how to locate a reputable insurance broker, there are several basic research options at your disposal. Contact the insurance company that you personally conduct business with and inquire about their business insurance products. When you are already an established customer, you may qualify for significant discounts if you purchase multiple insurance policies. Your agent can keep your personal insurance separate from your business insurance. Contact several of the large commercial insurance companies such as Nationwide and Chubb. Obtain numerous coverage and price quotes and determine if these are sufficient to meet your needs and expectations. Consider the insurance companies that are well known and those who are listed first when you conduct an online search of insurance brokers for business customers. Regardless of your final decision, finding a reputable insurance broker for your commercial property coverages is critical to protect your business from disaster.
According to the SBA, almost 50% of business that are victim of a disaster caused by a flood or fire never re-open for business. A good portion of this can be directly attributed to having in-adequate levels of business and continuity insurance.