Small Business Claims: Knowing Your Coverage

12/31/2018 (Permalink)

Your commercial property in Bay Ridge,NY, must be insured for many reasons. The building could sustain damage, or someone could get hurt when they visit. Something as simple as a pipe break could become a major expense without the right coverage. It’s important to understand your insurance package so that you know when you have the right to file a business claim.

Exclusions

One thing you want to pay particular attention to is what your property insurance doesn’t cover. Water damage can happen as the result of many different situations:

• Leaky pipes
• Inclement weather
• Flooding
• Sewer damage

The problems caused by some of these incidents and the water remediation services required to fix them are likely to be covered by your standard property policy. However, flooding or secondary damage such as mold may need a separate add-on to keep you fully insured. Your business claim may also be denied if the damage is the result of neglect or improper maintenance.

Maintenance

Avoiding water damage in your building often comes down to how well you take care of your property. You can minimize your risk of leaks due to weather by keeping gutters and downspouts clean throughout the year. Don’t put off roof repairs. Have your roof inspected regularly so that you can fix problems that lead to leaks. As the weather gets colder, make sure your pipes are well-insulated, particularly if they are near exterior walls. Keep your building’s temperature at 55 degrees or higher to keep pipes in the walls and under sinks from freezing and cracking. Keeping up with these tasks allows you to safeguard against damage due to broken pipes or heavy rains.

Your commercial insurance is there just in case you need it. If you take preventative measures and keep up with your maintenance schedule, however, you are less likely to need to file a business claim.