Commercial property insurance protects your assets against direct physical loss such as fire, explosion, windstorm, hail, theft or vandalism and Water Damage.
Typically, a commercial property policy mainly provides coverage for the following property:
- Business Personal Property/Inventory
- Loss of Income/Loss of Rents
- Outdoor Property ( such as Fences, Signs and landscaping)
Most Carriers will value loss on a replacement cost basis, which means they will pay to fully replace or repair your property with materials of similar type and quality. In Fact, it’s required to insure your property to its full value on the policy, otherwise they will only pay a portion of the claim and it is called coinsurance penalty.
At CKS insurance, we will make sure your property is fully insured to value and company will make you whole after every single unfortunate event.
Commercial General Liability (CGL)
Commercial General Liability(CGL) Insurance protects your business against lawsuits from third parties such as customers, visitors, vendors, government entities for bodily injury or property damage they sustained due to your negligence. It also helps you qualify for leases and contracts.
Generally, a CGL policy will provide the following coverages:
- Liability for Bodily injury or Property Damage (e.g. Slip & Fall, fire extended to neighbors property)
- Personal & Advertising Injury (e.g. False arrest, Wrongful Eviction, slanders/libels，copying others advertising idea, slogan or artistic work)
- Product & Completed Operations Liability (e.g., Defective products or works)
- Medical Expense (Company will pay for a small amount of medical expense regardless of fault)
Besides the benefits provided above, CGL policy provides another important protection that is defense cost. In today’s litigation-prone environment, you can get sued even if your business did not do anything wrong. Your CGL policy can pay for a defense counsel to advise you the process, investigate the claim, respond to and negotiate with the plaintiff’s lawyer. No Doubt, it will save you thousands of dollars in legal cost than you doing it on your own. Meanwhile you can continue to focus on running the business.
Business Owner Policy
Many carriers have developed a package policy to incorporate both commercial property and liability coverage for certain types of business. It’s called business owner policy or BOP. A BOP not only has a large discount in premium, but also includes many coverage enhancements.
At CKS insurance, we partner with the top-rated carriers to provide you the best BOP coverage at the best rate! Contact us Now