Are you in the middle of growing your business? Did you just use your capital to purchase a new property? Having a physical place to house your wares is an exciting thing, and you’re sure to want to start fixing things up both in and around the building so you can begin to set up shop.
Before you fill the building and flip on the “open” sign, however, you’re going to want to make sure you have business property insurance first. Many growing companies fail to realize how crucial it is to have commercial property insurance for their businesses to stay safe, and if something were to go wrong, you would be the one to have to foot the entire bill.
That said, there are three common forms of property insurance you can use for your business: Basic, Broad, and Special. What are the differences between these three insurance types? This article tells you everything that you need to know, so keep reading to learn more!
Basic Insurance
As the name suggests, Basic insurance is at the bottom tier of the three common types – but that in no way means it’s inferior. With basic insurance, you receive coverage for eleven perils, which include: smoke; glass breakage; vehicles striking the property; aircraft striking the property; windstorm or hail; theft; volcanic eruption; fire & lightning; vandalism & malicious mischief; riots & civil commotion; and explosion.
Because Basic coverage offers quite a bit of protection, many growing businesses find themselves attracted to this policy, and it may just be the one for you, too.
Broad Insurance
Broad insurance covers everything that Basic insurance does, plus a bit more. With Broad insurance, you get six extra points of coverage, including damage caused by ice, snow, or sleet; falling objects; accidental water discharge from plumbing (or related systems); damages from frozen plumbing (or related systems); sudden rupture of the HVAC system; and any accidental damage caused by an electrical current.
Broad coverage is great for those who wish to spend a bit more to make sure they cover more points.
Special Insurance
Special insurance is unique in that it doesn’t list any specific coverage; instead, it covers any and every form of the incident except for the ones listed on the agreement. In other words, as long as the insurance company doesn’t have that incident listed, they’ll cover you for it, period.
For this reason, special insurance is a bit more pricey than Basic or Broad insurance, but if you want to be as covered from potential losses as possible, then this is the way to go.
Let’s Get the Business Property Insurance You Need
Now that you know about the three main types of business property insurance available, you shouldn’t have a problem choosing the best property insurance for your needs. The next step is to find out where you can get the right insurance you need that fits your company’s budget. We’ve got exactly what you need.
At OKC Insurance Brokers, we know the importance of high-quality business insurance, and we make sure to only offer the best to our clients. We cover the insurance needs of businesses across many industries, including commercial properties, auto dealerships, cyber liability, real estate investments, trucking, restaurants, special events, and so much more.
Ready to get coverage? Take a look around our site to find out more about what we have to offer, or contact us to receive a free quote. Let’s work together to help your business succeed!