Does Every Business Need the Same Commercial Coverage?

Commercial insurance is not one-size-fits-all, but there are features that even very different businesses have in common. Offices are an exposure that nearly every business has, from accounting firms to web engineers, and from one-person offices to a ten-story office building filled with hundreds of professional employees.

The coverage your business needs will depend on many things. Those include:

  • Whether or not you own or rent your office space
  • The services you provide
  • The location of your office
  • Whether or not customers visit your premises
  • Whether or not you have cash on-premises

Commercial package policies can pull together property and liability, offering a discount and keeping coverage simple. Expansion endorsements can often be used to offer incidental coverage at an affordable premium.

If you need building coverage, it’s helpful to have the agent or carrier confirm the replacement cost valuation of your building to ensure your coverage is adequate. When considering the limit for contents, you’ll want to be sure to account for office furniture, fixtures, and equipment. In addition to your real and personal property, you’ll want to consider coverage for computer equipment, crime coverages, fine art for any collections on display in your office, accounts receivable coverage, and outdoor property.

Whether or not you own your building, it’s important to have General Liability coverage for your office operation. If you own, you not only have a duty to your customers in your waiting room, but to anyone who may walk in your parking lot, sidewalks, and common areas. If you rent, you are likely obligated by your lease to not only carry liability coverage but to name your landlord additional insured. For example, Central’s General Liability Plus offers this coverage on an automatic basis when required by written contract. This endorsement also offers other coverage that your office may need, including Employee Benefits Liability, something important to any operation that enrolls its own employees in benefit programs.

Other coverages to consider for your office are Cyber Liability, commercial auto (either on a separate policy for owned vehicles or hired and non-owned liability on the commercial package), and Employment Practices Liability.

Talk to your agent about the coverage forms that Central can offer to help protect your office!

The information above is of a general nature and your policy and coverages provided may differ from the examples provided. Please read your policy in its entirety to determine your actual coverage available.

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