Commercial property insurance – what’s covered, what’s not covered
Commercial property insurance is meant to help guard the physical assets of your business from specific perils, such as fire, explosions, storms, burst pipes, vandalism, and theft. It protects your building and business personal property, along with fences, signs, and other exterior fixtures. It is a core coverage of your business insurance policy.
If you have commercial property insurance coverage for your business, then you know you are covered for several risks. Did you know that there are common damages that are excluded from your coverage under commercial property insurance policies?
Commercial Automobile Accidents
Commercial property insurance does not cover your company’s vehicles that are used in your daily business. For your company’s vehicles to be covered you need commercial auto insurance. The purpose of commercial auto insurance is to protect you by making sure you are covered for both damage to your vehicles and bodily injury or property damage resulting from an accident caused by a driver.
Flood or Earthquake Damage
Flood and earthquake coverage are excluded from your business insurance policy, as it is with homeowner’s insurance. To protect your company from these risks you need commercial flood insurance or earthquake insurance for your business. If your company is in a flood zone or any prone area for earthquakes, our experienced agent will help you find the best price with the coverage you need.
Equipment Breakdown Coverage
Commercial property insurance protects against damage caused by a covered peril, such as fire, theft, vandalism or explosion. It does not cover damage that has incurred by equipment breakdown or malfunction. Unless equipment breakdown insurance is included in your business insurance package, the cost of repair or replacement will come out of your company’s pocket.
Off-Premises Power Failure
A utility failure, such as an electrical outage or a disruption in water service, could force your business to close for a day or even longer. This type of loss is not covered under your commercial property insurance. You may be able to add off-premises coverage caused by a covered peril resulting in a loss of power as an endorsement to your policy.
Excluded Property Coverage
There are certain types of property that are excluded under a commercial property insurance, including:
- Money, security, accounts, bills
- Land, piers, docks, and wharves
- Vehicles, aircraft, and watercraft (with certain exceptions)
- Animals other than stock
- Crops, hay, or grain located outside
- Cost of excavation, grading, or back-filling
- Building foundations
- Walkways, roads, and other paved surfaces
- Electronic data
- Cost of restoring information on valuable records
Meet with an Agent
One of your responsibilities as a business owner is to ensure you are adequately protected with the right business insurance coverage. Commercial property insurance does not cover everything, it is possible to purchase other coverage to help fill in those gaps. Our experienced insurance agent would be happy to meet with you to review your business insurance policy. We will advise you on the types of insurance coverage you need for your company to be adequately protected and to help you find the right coverage to provide you peace of mind, and affordability.
Did you know that cooling and heating are the leading causes of home fires and fire injuries? Did you know that November and December are the peak months for fire-related deaths? With the holidays right around the corner and the weather getting colder, now is the perfect time to review and practice fire safety.
Safety Tips When Cooking:
- Be alert; if you are sleepy or have consumed alcohol, don’t use the oven or stove-top.
- Stay in the kitchen while you are frying, grilling, boiling or broiling food.
- When simmering, baking or roasting, check the food regularly, remain in the kitchen while cooking and use a timer.
- Keep anything that can catch fire away from your stove-top.
Heating is the second leading cause of death. Heating safety tips:
- Keep all flammables, like paper, clothing, bedding, drapes or rugs, at least 3 feet from a space heater, stove or fireplace.
- Never leave portable heaters and fireplaces unattended; turn off heaters and make sure fireplace embers are extinguished before leaving the room.
- If you must use a space heater, place it on a level, nonflammable surface, like ceramic tile, not on a rug or carpet.
- Keep children and pets away from space heaters.
- When buying a space heater, look for models that shut off automatically if the heater falls over.
Other top causes of fire include smoking, electrical problems and candles. To minimize risks:
- Institute a “no smoking” policy in the house.
- Check all cords and replace any that are frayed or have bare wires.
- Switch to flame-less candles.
- Keep matches and lighters high and out of children’s reach in a locked cabinet.
Working Smoke Alarms are a Must
About three out of five deaths happen in homes with no smoke alarms or working smoke alarms. Smoke alarms are a key part of a home fire escape plan providing early warning reducing your risk of dying in a fire.
- Install smoke alarms on every level of your home, inside bedrooms and outside sleeping areas on the ceiling or high on the wall.
- Keep smoke alarms away from the kitchen, at least 10 feet from the stove, to reduce false alarms.
- Use special alarms with strobe lights and bed shakers for people who are hard of hearing or deaf.
- Test smoke alarms monthly.
Create and Practice a Fire Escape Plan
In the event of a fire, remember every second counts, so you and your family must always be prepared. Escape plans help you get out of your home quickly. Twice a year you should practice a home fire escape plan with your family.
Tips to consider when preparing this plan include:
- Find two ways to get out of each room in the event the primary way is blocked by fire or smoke.
- A secondary route might be a window onto a neighboring roof or a collapsible ladder for escape from upper story windows.
- Make sure that windows are not stuck, screens can be taken out quickly, and that security bars can be properly opened.
- Practice feeling your way out of the house in the dark or with your eyes closed.
- Teach children not to hide from firefighters.
When purchasing you’re auto insurance you may not be sure what coverage you need. One coverage you should not be left without is towing and labor. Did you know that towing and labor is not costly and is worth having?
What is towing and labor?
Towing and Labor is also called “emergency road service.” It’s meant to help you when your broken down or in a bind. Towing and Labor is provided by all auto insurance companies.
Did you know some insurance companies automatically include this coverage in your policy premium? While other insurance companies allow you to add it on your policy.
How can towing and labor help me?
Let’s say you’re cruising down a country back road — no worries in the world, wind blowing through your hair, singing your favorite tune — suddenly, your car sputters, chugs, and slowly… just … stops. Uh-oh. You turn on your hazard lights and pull over to the side of the road. Then you remember (with a sigh of relief) that you’d added towing and labor coverage to your car insurance policy for just-in-case moments like these. You may not know what’s wrong with your car, however you can have peace of mind knowing what’s included in your towing and labor coverage.
There are certain occurrences that are typically covered up to the limits on your policy, regardless of which company you choose; such as:
- Towing (when it’s not related to an accident)
- Locksmith services if you get locked out
- Tire changes and jump starts
- Mechanical labor at the breakdown site
Of course, not all roadside service plans are created equally, so no matter where you buy your coverage, it’s important to ask your licensed agent and/or read the fine print when purchasing your policy.
If you own a restaurant or have thought about opening a restaurant, as with any business it takes allot of time and energy, not to mention blood, sweat, and tears, and allot of perseverance in getting it up and running. There are some unique risks involved when it comes to insuring a restaurant. Workers can or will get injured, patrons could get sick, cooling systems may break down, and the list goes on. It’s important to make sure you are adequately protected with business insurance in the event something major happens. Setbacks due to fire, theft or other unexpected life events may be hard to recover from, especially before you’re turning a profit.
The greatest chance of success in the food-service business is to make sure your restaurant can handle a financial loss due to things beyond your control. Here are some tips.
Business Owner’s Policy provides insurance for your property, liability and loss of income due to a loss on your business.
- Property: Provides coverage for your building (owned or rented, additions or additions in progress and outdoor fixtures). Covers your business personal property for damage or loss, kitchen equipment and inventory, including perishable foods. Commercial property insurance provides reimbursement if a fire damages your kitchen, even if a fire started in another building. It provides coverage for vandalism, theft, and certain types of weather-related damage, such as burst pipes and hail damage.
- Liability:Protects against lawsuits related to a customer’s injury or damage to a customer’s property that happened at your place of business. General liability insurance can help pay for medical expenses, pay for repair or replacement of customer’s property if damaged and help pay for court costs, attorney’s fees, and other legal expense if a customer holds you liable. General liability provides coverage against advertising injuries, including defamation (libel and slander) and accusations of copyright infringement.
- Business interruption: In the event of a loss this coverage will help make up for lost income and pay other related expenses to help you reopen. It covers loss of income due to a fire or other catastrophe that disrupts the operation of your business. It can also include extra expense of operating out of a temporary location.
- Liquor liability:If your bar or restaurant serves alcohol you may be required to purchased liquor liability insurance, it can be added to a business owners’ policy. This coverage protects your business in the event an intoxicated customer injures another customer’s property or causing injury to someone due to consuming too much alcohol at your business.
- Commercial auto insurance:Can cover expenses related to accidents involving a business-owned vehicle. It provides coverage for vehicle theft and vandalism. If your restaurant provides delivery service on a regular basis, make sure you have a commercial auto policy in place.
- Worker’s Compensation:This policy is required in most states for business with one or more employees. It provides coverage for medical expense and partial lost wages if an employee is injured on the job.
- Food spoilage and contamination: Whether it’s due to a malfunctioning refrigerator or a power outage, damage to your stored food can be a big financial loss to your business. This type of coverage will help you recover from the damage. It provides coverage to help reimburse the cost of replacing spoiled frozen or refrigerated food, or shelved perishables. Food contaminated by a supplier or improper handling may also need to be thrown away. Food contamination coverage helps with replacement costs, along with associated cost such as cleaning or advertising to restore your reputation. Food spoilage and contamination coverage can both be added to commercial property insurance on your BOP.
There is nothing like your home
Home, it’s your favorite place to relax after a long day; it’s your sanctuary. It’s where your kids run to after they step off the school bus. It’s a place where you build long lasting memories that have taken place. Your home is where you play, plan and dream with those you love. Therefore, it’s essential you ensure it properly – both inside and out.
Home insurance covers more than disasters
Home insurance isn’t reserved for times of catastrophes such as – fire, tornadoes, and other natural disasters. It can be a welcome sight when your home has been subjected to complete ruin. The hail damage you received to your roof, the broken water heater that flooded your newly finished basement, theft, vandalism, identity theft and more are all items that can be covered under your homeowner’s insurance.
Damage caused by most disaster is covered but there are exceptions. A standard homeowner’s policy does not cover flooding, earthquakes or poor maintenance. Flood Insurance is provided by the federal government’s National Flood Insurance Program, you may purchase this from an insurance agent. Earthquake Insurance is available either in the form of an endorsement or as a separate policy. Most maintenance related problems are the homeowner’s responsibility.
Homeowners insurance policy includes four essential types of coverage
- Coverage for the structure of your home. This part of a policy pays to repair or rebuild your home if damaged or destroyed by fire, hail, lightning or other disaster listed in the policy. It does not cover flood, earthquake or routine wear and tear. Most standard policies also cover structures that are not attached to a house such as a garage, tool shed or gazebo.
- Coverage for personal belongings. Furniture, clothes, and other personal items are covered if stolen or destroyed by fire or other disaster. Most companies provide coverage for 50 to 70 percent of the amount of insurance on the structure of a home. Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, individuals can purchase a special personal property endorsement or floater and insure the item for its appraised value.
- Liability Protection. Covers against lawsuits due to bodily injury or property damage that policyholders or family members cause to other people. It also pays for damage caused by pets. The liability portion of the policy pays for both the cost of defending the policyholder in court and any court awards—up to the limit of the policy. Coverage is not just in the home but extends to anywhere in the world. Liability limits generally start at $100,000. An umbrella or excess liability policy, which provides broader coverage, including claims for libel and slander, as well as higher liability limits, can be added to the policy.
- Additional Living Expense. Pays the additional costs of living away from home if a house is inhabitable due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while the home is being rebuilt. Coverage for additional living expenses differs from company to company.
What Home insurance options are available
Lancaster Insurance Center provides the following types of home insurance to meet your specific needs..
- Home Insurance
- Condo / Townhouse Insurance
- Renters Insurance
- Mobile-Home Insurance
- Dwelling Fire / Landlord Insurance
We offer coverage enhancements like replacement cost coverage for your dwelling and contents, guarantee replacement cost, water back up of sewers and drains, ordinance or law, and equipment breakdown.
When it comes to your home, Lancaster Insurance Center is here to help you protect what matters the most. Lancaster Insurance Center will be there for you every step of the way, especially in the event of a claim. We are about helping you protect what matters the most, your family and your home.
Summer is here and you’re ready to head out on your boat and enjoy some time on the water. Who doesn’t love boating? Boating can be relaxing, exciting, entertaining and rejuvenating time. Hauling a boat on a trailer and launching it at the busy launch ramp can have it challenges. It can be dauntingly stressful and dangerous, and at times mishaps can occur.
Tips for Boat Trailer Safety
Follow this safety checklist before you haul your boat to your destination and into the water.
- Coupler, hitch and hitch ball are of the same size.
- Coupler and safety chains are safely secured to the hitch of the tow vehicle.
- All fasteners are properly tightened.
- Boat is securely tied down to trailer (winch line is not a tie down).
- Wheel lug nuts are properly adjusted and maintained.
- Load is within maximum load carrying capacity.
- Tires are properly inflated.
- All trailer lighting is working properly.
- Trailer brakes are properly adjusted and working (if trailer is so equipped).
- Brakes and additional equipment meet all local and state requirements.
At Lancaster Insurance Center, we want your boating season to be enjoyable while on the open water, instead of experiencing frustration while on the boat ramp or on the road.
Your boat is finally in the water, here are some tips for an accident free boating experience.
- Life preservers aren’t only for kids. Make sure you have life jackets on board – wear them! When an accident occurs people rarely are wearing them and don’t have enough time to react to grab a life jacket. Not only do the rules apply to children, but adults as well. More people in their 30’s die in boating accidents than any other age group. Life vests have come a long way in style, and you can even pickup a vest for your water-loving dog.
- Watch the back of your boat. Carbon Monoxide kills in minutes. Inform all your passenger where your exhaust pipes are located and turn off your engine when people are on the water, and don’t let passenger “water-ski or teak-surf” by holding on to the back of the boat. Carbon monoxide detectors are standard on most new boats.
- Alcohol and boating don’t mix. More than 50% of drowning results from boating incidents where alcohol is involved. Don’t drink and drive. Not only is drinking and driving illegal in cars, it is as well in boats.
- Care of your boat. When you get ready to head out on the water make sure gas tanks are vented and bilges are free of vapors, oil, waste and grease. Make sure your fire extinguisher is charged. Every year you should have a certified marine technician look over your boats operating system.
- Boating experience matters! Did you know, 70% of all boating accidents occur due to operator errors, according to the U.S. Coast Guard. Don’t just let anyone drive your boat. Make sure they are properly trained. Safety first!
Driving You’re Boat in the Dark
An evening cruise on your boat can be an enjoyable time. Like an evening drive in your car after sundown, it’s imperative you make some adjustments in keeping yourself and others safe.
Here are some tips to safeguard that you will return to shore and enjoy the rest of your evening.
Before You Get on the Boat
- Know where you’re going. Everything looks different in the dark, stay in an area you are familiar with when you’re on the water at night. Having a GPS device or an old-fashioned compass is good to have to help with navigation.
- Let someone know where you’re going. Provide a “float plan” to a trusted friend or family member. It should include your intended route, boats registration details and description, names of all passengers and when you plan to return. No one will know you’re missing if they don’t know you’re gone.
- Have the right safety equipment. Make sure you have navigation lights that work (test before hand), a horn or other sound-producing device, a radio, a flashlight, flares and fire extinguishers. Make sure everyone has a life jacket.
- Check the weather and your fuel tank. Make sure you have enough fuel in the event you get caught in a storm. It can be very dangerous and troublesome at night if you run out of fuel. Visibility is already troublesome, and the storm will only make things worse. If you’re stranded without fuel, help may take longer to respond.
Once You’re Afloat
- Watch your speed. When on the water at night you can’t see, and there is no indication of other boats or obstacles that may appear suddenly. Take it slow!
- Watch the lights. Know what lights on other boats indicate – now you must look for them. Lights on anchored or drifting boats can be exceptionally difficult to distinguish from lights onshore.
- Avoid distractions – drinking and driving. Don’t drink and drive while operating a boat, it puts you and other people at risk. Your vision is limited at night, sound becomes more important. Remember, a loud stereo could drown out the horn of an approaching boat.
- Remember, it’s not only you out on the water. There could be other vessels or boats on the water such as, commercial ships to kayaks; depending where you are at. Remember to obey the right-of-way rules and keep your distance and courteous when passing others. It’s open water and there is plenty of room for everyone, if you keep an eye out for each other.