Business owners face several risks every day to their commercial assets. These include fires, floods, theft, and other unexpected incidents. Protecting these assets is critical to safeguarding your business assets and your bottom line. Commercial property insurance grants you protection from many of these potential risks.
At the Saxton Law Firm, our business insurance attorneys help advise you on the commercial property insurance you need. We also help with any insurance disputes, claim denials, or legal actions against your insurer when necessary.
Why You Need Commercial Property Insurance for Your Kansas Business
There are untold numbers of risks to running a business. They are simply a part of the equation you must be prepared for. You are not going to stop running your business, so instead you must be prepared for these potential issues.
Commercial property insurance helps protect you against issues such as:
- Business interruption losses
- Liability for injuries on your commercial property
- Losses from natural disasters such as fires, floods, and tornados
- Theft, destruction, or damage to physical property and inventory
- Fraudulent activities
- Data breaches and cyber-attacks from hackers
- Lost income resulting from an accident
- Vandalism or intentional destruction of commercial property
These and many other risks could impact your business assets. To protect them, the right policy can make all the difference.
Determining the Type and Amount of Insurance Coverage You Need
The type and amount of coverage you need will depend on the assets you want to protect. The more assets you have and the higher their value the more coverage you will need. To make this determination, you should consider the following factors:
- Size and Type of Protected Assets: The type of property you want to protect will matter greatly. Low-value inventory will require less protection than expensive assets like large motor vehicles, for example. More complex businesses typically require higher amounts of coverage.
- Your Premises’ Geographical Location: Where your company is located can matter. For example, being near a river that regularly floods will require more extensive and expensive coverage.
- The Deductible: Higher deductibles typically mean a lower cost of your insurance, but put more of the initial expense on your business. A lower deductible usually results in higher premiums.
- Policy Limits: Insurance policies only cover up to a certain amount. The higher the policy limit, the more your coverage will typically cost. However, your policy limits should accurately reflect your potential risk. Limits that are too low could mean your business is individually liable for any payouts.
These and other considerations can help guide your choices on commercial property insurance. An experienced business insurance attorney can provide critical insights to help you make appropriate decisions.
What To Do If an Insurance Company Denies a Claim
You bought commercial property insurance to protect yourself and your business. Now that you need it, the insurance company is trying to deny your claim. Sadly, this is not an uncommon experienced for business owners. Insurers often look for ways to deny a claim, claiming excuses such as:
- You failed to pay a premium on time
- You failed to submit proper documentation
- The incident is not covered by your policy
A skilled insurance claim denial attorney is familiar with these excuses and the many more insurance companies try to use. You can fight back against a denial and seek the coverage to which you are entitled.
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You must protect your business assets and against liability. This is a crucial step in responsibly operating your company. Commercial property insurance can help, and our team of dedicated attorneys can guide you through any challenge.