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Gant Insurance Gant Insurance
  • Home
  • Personal
    • Auto
    • Homeowners
    • Umbrella
    • Motorcycle
    • Personal Quote
  • Business
    • Commercial Auto
    • General Liability
    • Commercial Property
    • Business Owners
  • Life
  • Health
  • Carriers & Claims
  • Become An Agent
  • About Us
  • Blog
  • Contact Us
    • Write A Review
Feb 21
Gaps in Your Commercial Property Insurance

Gaps in Your Commercial Property Insurance

  • February 21, 2019
  • Archives, Blog, Business Insurance

Watch out for these common coverage exclusions.

If you have commercial property insurance for your business, you may assume that you are protected from every damage event that comes your way.  Unfortunately, this isn’t the case.  Here are some of the common coverage exclusions found in standard commercial property policies.

  • Flood and Earthquake Damages

Coverage for flood damages is excluded in standard commercial property policies.  The only way to secure this coverage is with a specialty commercial flood insurance policy.  So, if your business is located in an area of high flood risk, then you should secure this specialty policy to avoid a dangerous coverage gap.  Similar to flood damage, standard commercial property policies will not offer coverage for earthquake damage.  To secure this important coverage, you will have to secure specialty earthquake insurance for your business.

  • Equipment Breakdown

Your commercial property insurance will protect your business’s equipment if it ever sustains damage due to a covered peril, such as a fire.  However, your insurance will not cover you for the damages caused by equipment breakdown or malfunction.  These equipment repair or replacement costs will come out of your own pocket unless you have equipment breakdown insurance in place.

  • Commercial Auto Accidents

While your company’s vehicles are technically commercial property, they are not covered under your commercial property insurance policy.  To secure coverage for your company’s vehicles, you will need to secure commercial auto insurance.  Securing this type of insurance will ensure that the cost of auto accidents or other vehicular damage events does not affect your business’s profits.

These are some of the common coverage exclusions in your commercial property insurance.  Do you have further questions regarding your business’s insurance needs?  If so, then contact the team at Gant Insurance Agency.  Our highly-trained agents are ready to assist you with your commercial coverage today.

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