When a business in South Florida purchases a Commercial Insurance Policy, that business person is expecting to transfer their risk to an insurance company in exchange for a premium. Being written on 3 different forms (basic, broad, and special), the commercial insurance policy can be a little confusing since each policy is not issued as a package like a homeowners insurance policy The first thing the claims adjuster will do upon your notification of a claim is to make certain that the appropriate coverage is part of the policy you purchased. There can be problems if the policy was not written correctly.
When insuring commercial property on a basic or broad form, the property covered must be insured for at least 80% of the replacement cost and at least 90% on the special form. Not having the proper co-insurance on the insured property will result in the claim payment being reduced by the % of the shortage.
Most Business Owners Policies have a sublimit on outdoor signs of about $2500. If the business owner has a free standing sign on a pole, these signs can be much more than $2500. Make sure your agent endorses your policy to accommodate the replacement cost of the sign.
Business Interruption Coverage
If the business is forced to close while under repair for a covered peril such as fire or windstorm, a claim can be filed for loss of income during this period. Most policies have a monthly limit, time limit and policy limit for this coverage. The business owner should be prepared to prove the amount of lost income to the claims adjuster.
This is a very important coverage to have on the commercial policy. Many leases today offered by property management companies will include in the lease that the lessee is responsible for repairing and replacing equipment such as HVAC units and boilers. This coverage will respond to a claim in the event of a covered peril.
Food retailers should carry this coverage to pay for food spoilage in the event of a long power outage that usually occurs after a hurricane or tornado. Spoilage coverage is not the same as inventory coverage.
Commercial Insurance Policies are very expensive. If you have suffer Property Damage in South Florida you might be covered by your Policy. After mitigating the damage you can demand payment in accordance with your insurance contract.
Our Public Adjusters in South Florida will treat you and your company like you deserve. Respect, professionalism and customer satisfaction will be delivered.