Commercial Property Insurance
In this day and age it is impossible to start a business if your investments are not properly insured. In commerce insurance is one factor you cannot do without.
The nature of commerce also means that insurance companies require a more thorough process for their clients before they can apply for their services. That is why it is important when applying for a commercial insurance policy to always bring a copy of your Chamber of Commerce registration, and a valid identification of the persons mentioned under the registry.
Commercial property insurance protects your property investment, you can choose for fire coverage or for a more extensive coverage. What determines the cost of this insurance is what type of business is housed on the property.
All insurance companies work according to the rules and requirements set for commercial properties by the Fire Department. Certain insurance companies require the presence of an alarm system or theft preventive measures, for example, steel bars around windows. There should also be fire extinguishers fixed in strategic locations, which should be routinely maintained to stay in working order.
Once a year the insurance company will send a representative over to check up on the condition of the building, following this they might give certain recommendations in order to avoid any dispute should any damage happen to the building.
It is important to inform your broker when changing the function of the building, this could affect certain risks and if not informed when damage should occur problems might arise.
Please note, every insurance company has their own policy, which may vary. And therefore the information we provide is liable to change depending on your current insurance policy.
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