Property damage is one of the most catastrophic events you can go through. It not only ruins your home but breaks your spirit as well. Coming back in one piece after such an event is not easy. But do you know what makes it easier? Being compensated for your losses! When your property receives damage of any kind, your insurance company is required to compensate you for the incurred losses. But things aren’t as they seem at first glance, as you’ll see.
Is Commercial Property Insurance Important?
When you rent a commercial space to conduct your business, consider opting for adequate insurance to secure your investment. Property damage is unpredictable at times, and you have to be prepared beforehand. A fire could burn your products or a flood may damage them, and you should receive compensation for this. There are multiple types of commercial insurances, depending on your needs:
- Commercial-Auto: Coverage for the company vehicle and any accidents it’s involved in
- General Liability Insurance: Coverage for all personal injuries incurred within the premises of the commercial property when property damage occurs
- Professional Liability Insurance: Coverage for property damage caused by an action or inaction on your part (lapses and mistakes)
- Commercial-Umbrella: Further enlarges the business’ liability limits and covers for several other property risks
- Employment-Practices-Liability: Coverage for events where a worker blames the company for sexual harassment, discrimination, or wrongful termination of the contract
We’d say that commercial property insurance is not only important but essential to any business. Without it, you’re exposing yourself to unnecessary risks that are bound to come true eventually. Take a flood, for instance. Any broken pipe on the business premises can lead to a flood, and there are many causes for a broken pipe.
If you own a restaurant and you’re afraid of property damage ruining your business, then a restaurant damage insurance policy is your best bet. This is a specific insurance policy devised for restaurants and their associated risks. Vandalism, fires, food delivery-related accidents, employee theft, everything is covered by this insurance policy.
It also covers natural phenomena that may damage your property like rainstorms, hurricanes, or hail. Hailstones are especially damaging to properties, both residential and commercial. Most insurance companies offer separate hail damage insurance that you can acquire for your home and/or car. It offers comprehensive coverage for any type of damage incurred due to a hailstorm!
Falling Object Injuries and How to File a Claim for Them
A dropped or falling object injury is extremely common at the workplace, especially on construction sites. If you work in such environments, you need to contact your insurance company and get adequate insurance. If you do get injured by a falling object, the insurance company will compensate for your losses and cover the medical bills. Common injuries caused by falling object events include:
- Traumatic brain injuries
- Spinal cord injuries
- Neck and back injuries
- Bone fractures
If you’re the victim in such a case, then we recommend you contact a legal advisor that can file a claim on your behalf. Public adjusters or other personal injury attorneys will help you in their best capacity. These experts will investigate and assess your injuries and the authority responsible for them. Then, they will file a claim to your insurance company, demanding adequate compensation.
On the other hand, if you’re the owner of a company hiring workers, then it’s in your best interest to offer them Falling Object Insurance. If you’re not to blame for the accident, the insurance company will pay for the medical bills and compensate the workers’ losses. It’s only natural to want to protect your workers!