Commercial Property Insurance
What You Need to Know About
Commercial Property Insurance
Since 1956, RJ Ahmann Company has been a premier provider of commercial property insurance nationwide.
Why is customized commercial property insurance essential?
Most people believe that all risk property insurance covers all risks. The fact is that it doesn’t work that way. Different policies respond in different ways and small nuances can add up to big differences in your level of protection.
If your business owns, rents or leases property, you absolutely must have commercial property insurance. Property insurance covers your buildings and their contents, and outside structures. Depending on your policy, coverage can include protection for furniture, machinery, merchandise, money, accounting records, electronic data, valuable documents, and items not directly attached to the building such as signs and fences.
"More than 30 percent of businesses never reopen their doors after they've been closed down by a hurricane, tornado, flood or other devastating calamity."
-IIA.org
Here are a few things to consider as you research your choices:
- Be aware of the covered perils. Perils are threats such as fire, wind, tornadoes, hurricanes, riot and vandalism. Different policies cover different perils. You should secure the broadest coverage possible to maximize your protection. At RJ Ahmann, we typically recommend a "Special Perils" policy, which means that all perils are covered except for those specifically excluded. Most policies exclude the perils of earthquake and flood. Those perils must be addressed separately.
- Understand key sublimits and how they might affect your claim process. For example, many policies contain a debris removal sublimit that is not enough to cover the cost of clearing the property if your building is destroyed. A knowledgeable agent will help you identify and correct any potential deficiencies.
- Make sure you have "Ordinance or Law" coverage. When a building is damaged, local laws may require that the undamaged portion of the building be brought up to code when it is rebuilt. This coverage will pay for the added cost of doing so.
- Watch out for the coinsurance penalty! If your policy contains a coinsurance penalty, you will be required to pay a percentage of a partial loss if your insurance limit is less than the actual property value times the coinsurance percentage. At R.J. Ahmann, we typically eliminate the coinsurance clause to avoid claim surprises.
To ensure that you get the strongest commercial property protection, while controlling your total cost of risk, RJ Ahmann...
- Helps you identify major exposures and understand the property risks that are unique to your business.
- Carefully designs your property insurance program to maximize your protection.
- Offers access to 32 business insurance companies (carriers) so you have a range of choices unavailable at most other agencies. We’ll recommend carriers who specialize in your industry so your business is underwritten and placed in the most appropriate and cost effective manner possible.
- Applies its industry clout to ensure that you receive appropriate underwriting attention and the most competitive business insurance rates.
- Provides the value-added service of "SecureClient" — an online risk management resource center to support and enhance your onsite safety program.
- Advocates on your behalf throughout the claims process to ensure that your claims get the proactive attention needed to optimize outcomes.
- Offers longevity and stability you can count on. We’ll be there for you when you need us most.
Ready to Learn More? RJ Ahmann is Ready to Help with Solutions for Commercial Property Insurance!