Commercial Property

Some risks are less obvious than others. To make sure your business is adequately protected, you might want to consider the following: 

What are our rights and obligations under the insurance policy?

If our building is totally destroyed, would we collect replacement cost, actual cash value or market value?

If we have older but highly maintained equipment that is damaged, can we demonstrate its true replacement cost? Can such equipment be considered obsolete? How does the fact that we either expensed or fully depreciated the equipment affect our recovery?

If we have an older building that is partially damaged and needs to comply with the current building codes, how will our policy respond to the additional cost?

If a loss occurs during our busy season and our inventory is at its peak, are we adequately insured?

How is our business interruption claim affected if we can repair our facility quickly, but we lose a season's worth of business?

Are we covered for loss of rents until repairs are made or until all tenants move back in?

Will our policy respond if we incur extraordinary expenses to expedite our return to business? Do we have to justify our expenditures to the insurance company?

What will we collect for the value of our products that are in various stages of completion?

If one of our key suppliers suffers a loss and is unable to ship product to us, affecting our production, are we covered?

If our internet service provider suffers an outage that prevents our customers from ordering our product, but our facility has suffered no physical damage, are we covered for our sales losses?

If we have a loss and the insurance company assigns an accounting firm to "help" us put our business interruption claim together, should we also employ our own outside experts?

If a fire strikes a nearby high-rise building, causing surrounding streets to be closed and preventing access to our building for several weeks, are we covered and, if so, for how long?

If we cannot operate due to an insured catastrophe, are the salaries of our staff covered by insurance?

Can we commit the time and attention needed to develop and prove our claim without straining our staff to the point of delaying our business recovery?

We know the answers to these questions.
Do you?