When a business has the appropriate commercial insurance policy, the coverage can be the difference between promptly getting back to production and permanently closing your doors. While there are many issues to consider when purchasing a commercial policy, determination of proper replacement cost limits for buildings and commercial personal property constitutes a critical starting point.
Even after a commercial policy has been carefully tailored to the circumstances of your business, you should periodically review and update that policy because the costs associated with your business structures and personal property costs change over time. Growth and expansion require advising your insurance agent of new facilities, changed locations and upgraded inventory values.
While protecting your capital investment in business structures, equipment, inventory and personal property provides essential protection for your business, safeguarding your company’s revenue also is essential. An experienced commercial insurance agant can assist you in conducting a thorough analysis of your fixed costs and income streams to facilitate evaluation of the proper limits of business interruption coverage. This evaluation can have a dramatic impact on the ability of your company to rebound from a catastrophic loss because fixed costs must be paid even if your business cannot be operated. A business owner’s ability to cover fixed costs entails an accurate prediction of the time it might take to resume normal business operations following a worst-case scenario type catastrophe. This calculation is just as important as determining your monthly income needs.
The nature of your business might necessitate special types of coverage beyond structural facilities and personal property. Special types of commercial insurance you might want to secure includes coverage for property like equipment or inventory of other companies temporarily within your custody and control. Similarly, commercial coverage also might need to cover inventory loaded on delivery vehicles. If you work with a qualified commercial insurance agent, the agent can help you evaluate unique risks or types of loss that might merit riders providing supplemental insurance coverage.
The growth and profitability of a business can be as dependent on proper commercial coverage as selection of the proper business entity. An experienced insurance agent can help you determine your commercial insurance requirements. Even when you have selected precisely the coverage that fits the circumstances of your business, your insurance carrier might fail to fulfill its contractual obligations. An experienced commercial insurance lawyer can help you obtain the benefits you negotiated under your policy.
If you have questions about Florida insurance claims, you are welcome to contact my Miami commercial insurance law firm. My law firm represents policyholders in claims disputes in Miami and throughout Florida. The Law Firm of J.P. Gonzalez-Sirgo, P.A. offers free consultations and case evaluations. No Recovery, No Lawyer Fees. Call 305-461-1095 or Toll Free 1-866-71-CLAIM.