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Why You Need to Review Your Commercial Property Insurance Coverage

Why You Need to Review Your Commercial Property Insurance Coverage

You should perform a commercial property insurance review at least once every year to ensure you always have the right coverage for your business. From changes in your business to changes in the economy, there are many factors that may oftentimes expose you to new risks that you are not prepared for. Here’s what you need to know!

How does commercial property insurance protect you?

Commercial property insurance protects your assets in the event that they are stolen, damaged, or destroyed in a fire or natural disaster.

Prepares your business for the worst.
Fire, flooding, theft, or accidental damage are unfortunate incidents that could not only damage or destroy your property but could also devastate your business. Whether it’s buildings, commercial vehicles, or equipment, losing these assets would be a potentially critical setback for your business.

Replaces lost or damaged property.
A commercial property insurance policy can protect against the cost of replacing lost or damaged property. Additionally, commercial property insurance can cover any associated losses–such as lost income–that are caused because part or all of your business is temporarily knocked out of action.

Policies can cover additional, unexpected costs.
It’s worth exploring the options available to you with a business property insurance policy, as they may cover risks you hadn’t thought of. For example, some policies protect against the additional costs you face if rebuilding a damaged business facility means no longer being exempt from local building codes. Other points to check include whether a policy covers the cost of removing debris before reconstruction begins, as well as whether the business property is covered against weather event damage while being rebuilt.

Why should I review my commercial property insurance coverage each year?

It’s important to review your commercial property insurance policy each year, but especially this year since your business may be dealing with unprecedented circumstances as a result of the COVID pandemic. Here are questions to discuss with your independent insurance agent to help ensure your business is properly protected.

  1. How do higher construction values impact my commercial property insurance limits?
  2. Do I have proper coverage in the event of business income loss?
  3. Am I in compliance with the co-insurance clauses within my insurance policy?
  4. How can I protect my business in the event I experience supply chain issues?
  5. How do I protect my business in the event of construction delays?

Commercial property insurance is a great way to ensure that your business’ location and assets, as well as your income, are protected. Have questions? We’re happy to help!


Arbor Insurance Group provides business insurance and other personal and business insurance products throughout the Lehigh Valley, including Allentown, Bethlehem, Easton, Emmaus, Macungie and surrounding areas.

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