Commercial Property Insurance in Vermont
Whether you own a restaurant, retail space, or offer professional services, there are certain items you need to be successful. Your business space, equipment, inventory, furniture, and other items all represent a significant financial investment into the success of your business. If your property is damaged due to a fire, storm, vandalism, theft, or other event, you could be out tens of thousands of dollars, or more, in replacement costs. Vermont business owners can protect their property with commercial property insurance.
Vermont Commercial Property Insurance Options
For many Vermont businesses, any significant loss puts their company in jeopardy. A fire, theft, or severe damage from a storm may be too much for your business to recover from. Commercial property insurance is often considered to be absolutely essential, helping to provide financial reimbursement for the repairs or replacement of your business property. This coverage allows you to recover the items you need to get your business running again after a loss.
Commercial Property Insurance Coverage
Most businesses have a lot of property, which can mean everything from the actual building to office supplies. Items that can be covered in a commercial property policy typically include:
- Furniture (desks, chairs, cubicles, shelving)
- Printers, scanners, and other electronic equipment
- Specialized equipment and business tools
- Customer property
If you lease your office space, your landlord’s policy will typically cover the structure while your policy covers your belongings inside. However, you should consult your lease to be sure you are properly covered. If you own your business space, property insurance normally covers the physical structure, signage, and anything attached to your building.
Typically, property insurance policies will exclude cash and vehicles. You will need separate policies to cover these items. Your policy may have other exclusions, so you should speak with your insurance agent to understand your specific coverage.
Regardless of the type of business you own, you face some risks that are common to businesses across VT. Some commonly covered events are:
- Water damage
- Wind damage
- Falling debris
Flooding and earthquake damage are not typically included in most policies. Separate policies can be purchased if your business is in a high-risk area, and may be required by lenders or landlords in certain situations.
When one of these, or another covered loss occurs, you can receive reimbursement for repairs and replacement up to your policy limits. Good record keeping helps facilitate this process, allowing you to receive the proper amount for the items you have. Photos and receipts can help speed your claims process.
Running a business takes hard work and good ideas, as well as equipment, computers, office space, and other physical items. When a loss occurs, it can be difficult to recover, with tens of thousands of dollars invested into your commercial property. Commercial property insurance helps pay for the repairs and reimbursements, allowing your business to financially recover from a broad range of covered loss events.