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Fire & Water - Cleanup & Restoration

SERVPRO and California Commercial Business Insurance

2/7/2018 (Permalink)

Commercial SERVPRO and California Commercial Business Insurance SERVPRO understands business owners and commercial insurance.

Commercial insurance will be one of the most important financial investments you, as a business owner, will make in the life of your company.

Property damage, business interruption, theft, liability and worker injury all demand coverage.  This is exactly why SERVPRO as a first-responder working hand-in-hand with insurance brokers, agents and adjusters at the forefront of an unforeseen business disaster can make the difference between going out of business after a severe loss or recovering with minimal business interruption and financial impairment to your company's operations.

According to the Federal Emergency Management Agency (FEMA), more than 40% of businesses never reopen after a disaster, and for those that do, only 29% were still operating after two years.

This is why is is so crucial to develop and utilize  SERVPRO Emergency Ready Profile for your business to minimize interruption with an immediate plan of action.  

Commercial Insurance Broker-Agent

One of the first steps in purchasing small business insurance is to contact a licensed insurance broker-agent who specializes in commercial coverages. Also building a working relationship with SERVPRO of North Shasta, Trinity & Greater Tehama Counties (530) 222-0200 can be as crucial to your business plan as getting professional advice from an accountant, banker, human resources analyst, payroll specialist, lawyer, or a trusted business mentor.

Professional broker-agent and restoration provider associations can assist you in your search for a licensed commercial insurance broker-agent. Many already are aware of SERVPRO’s reputation for excellence in fire, water and mold damages to commercial property and rely on our fast response and mitigation expertise to reduce client costs and claims. The Independent Insurance Agents & Brokers of California (IIABCAL) and the Western Insurance Agents Association (WIAA Group) are recommended professional associations. Also, when conducting your broker-agent search, it is important to verify the broker-agent's insurance license with the California Department of Insurance (CDI).

Commercial property insurance coverage and endorsements can include the following:

Builder's Risk - Covering a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs.

Legal Liability or Fire Legal Liability - Covers your legal liability for loss or damage to real and personal property of others as the result of your negligent acts and/or omissions.

Glass - Basic specified perils for glass coverage include any resulting damage to other property from broken glass due to vandalism and also vandalism to glass building blocks.

Casualty Insurance - provides coverage primarily for the liability exposure of an individual, business or organization. Liability from the negligent acts and omissions of an individual, business or organization that causes bodily injury and/or property damage to a third party is the subject of casualty insurance coverage.

What Kind of Insurance Do I Need to Purchase for My Business?

SERVPRO knows that businesses carry risks.  Your broker-agent will discuss business operations and the types of exposures (the possibility of loss). 

Causes of loss are divided into two main categories: specified perils and open perils.

Specified Perils are a list of specific disasters such as fire, explosion, windstorm, vandalism, et cetera.

Open Perils covers all losses unless specifically excluded. Earth movement (including earthquake) and flood are two common perils that are typically excluded under open perils coverage.  Look at our blog post Flood Water Damage Insurance Regulations for Commercial and Residential Property Owners for more information.

Commercial claims are complex and the insurance company and it’s preferred restoration provider SERVPRO of North Shasta, Trinity & Greater Tehama Counties must assess the damage and mitigate quickly to lessen loss especially when high dollar amounts are at stake. Business owners know that claims loss relates to the rating formula and premium costs.  SERVPRO, the business owner and the insurance company are together partners the mission being to keep claim costs and thus premiums low.  

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