According to Dominion Risk Advisors, commercial property insurance in New York has surged upwards by an average of around 20%. Business owners need to know their property coverage options. Safeguarding your investment with robust business asset protection is crucial, but you don't want to overpay.
By understanding the various Commercial property insurance options available, you'll make a well-informed decision. Continue reading to learn more about this important part of New York property management.
The Types of Business Insurance New York
You don't want to face disaster only to discover your commercial property insurance doesn't apply. Make sure you're covered by understanding the different policy types.
Standard Property Insurance
A standard policy compensates you if your building or its contents are damaged or lost in the following circumstances:
- Fire
- Theft or vandalism
- A limited range of natural disasters
If your business has physical assets and facilities, this type of insurance makes sense.
Business Interruption
If your operation relies on consistent production or manufacturing, you might opt for business interruption insurance. Unlike the standard option, this package will compensate for lost income if a crisis halts your usual activities.
Specialist Insurance Options
In some industries, you might face risks not covered by general insurance policies. In this case, you'd invest in a specialized package that covers commercial insurance claims within your specific industry.
For example, you might invest in:
- Cyber insurance to protect against cyberattacks
- Flood insurance if your location is susceptible to flooding
- Restaurant insurance to cover fire and liquor licensing liability
Making a Claim
If disaster strikes it's natural to focus on more immediate problems. But don't forget to notify your insurance company. Most policies require you to report any damage promptly.
Of course, you're also required to take reasonable steps to prevent further damage. Ensure you demonstrate you've done your due diligence by making temporary repairs and contacting contractors. The insurance company won't cover any damage caused by negligence.
If your business needs to make a sizable claim, it usually makes sense to hire a professional advocate. You don't want to miss out on compensation because you didn't fully understand your policy.
Review Your Insurance Needs
Many business owners set up an insurance policy and never consider it again. Their business thrives and they expand their operations. It's only when they're hit with a crisis and they try to make a claim that they discover their old policy doesn't fully cover the new scope of the company.
Avoid this nightmare scenario by doing frequent reviews of your insurance policy. When your company scales up, your insurance policy should scale up too!
Need Help With Commercial Property Insurance?
Are you feeling overwhelmed by all the commercial property insurance options? PMI New York City is here to help you manage your portfolio. Thanks to our extensive experience with New York real estate we're incredibly knowledgeable about insurance coverage.
Are you interested in putting our real estate knowledge to the test? Contact us today, and let's discuss how we can help your New York business.
