Do you have a storage space on your property? You may use this space to house excess inventory, equipment, or other needs. Whether or not your storage space is an attachment on your building, it is important to make sure it has proper insurance coverage. If your commercial property insurance does not reflect the storage space specifically, you may not have coverage for it. There are a few things to do to make sure you have property coverage. Start here.
Look At Your Existing Policy
The best place to start is to determine what type of commercial property insurance you have. If your business has coverage for the building, determine if the storage area has coverage as well.
If the space has an attachment to the building that has coverage, it generally will be covered as a part of your policy. This may include an attached attic space, garage-like area, or storage room. Nevertheless, you should not assume this. Verify coverage before you place any business assets in the area.
If the storage space is off-site or not attached to the building, it may not have coverage. Also, if the insurance policy does not specifically list the detached space, it may not have coverage. If you come across these situations, speak to your Bruening Insurance agent about adding it to your policy.
Estimate The Cost
The cost to insure any property depends on its size, your location, and how you use that space. If your business uses it just for storage, the value of the items within it also plays a role here, too.
The more expensive those items are, the more important it is to have coverage that matches that risk. You should take into consideration the value of your stored items. How much would it cost to replace it all if lost in a fire? This is a good way to determine the level of coverage to put into place.
Compare policies with insurers to determine what options are available to you. Look at risk factors in the area, such as fire risks, theft concerns, and security issues. Work with your Bruening Insurance agent to create a customized plan to address every need. Do not assume any building or concern is automatically in place. Verify this, especially if you are storing expensive and hard-to-replace inventory or equipment in this area. It can be well worth the investment to insure these items properly.