Does your commercial insurance include coverage for outdoor areas?
As a business owner, you want to do everything in your power to keep your business safe. One of the best ways to protect your business’s property and assets is by having the right commercial coverages in place. However, when people get insurance, they are usually only thinking about protecting their company’s interior. But what about your business’s outdoor property and spaces? Here’s what you need to know about insuring your company’s outdoor areas.
It’s important to understand that your business’s outdoor spaces face just as many risks as the rest of your business. For instance, there is the risk of third-party injury, the risk of outdoor property theft, the risk of storm damage, and so on. This is why it’s so important to get your business the outdoor coverage that it needs.
One of the best ways to insure your outdoor spaces is with a business owners policy (BOP). This type of policy includes several coverages that protect your business’s physical building and all the property inside the building. However, this coverage also extends to cover your business’s outdoor property and spaces. For instance, a BOP will usually cover damaged or stolen business property within 100 feet of an insured building.
In addition to property coverage, BOPs also include general liability coverage. While general liability insurance normally kicks in when someone injures themselves while inside your business’s building, this coverage also extends to cover third-party injuries that occur in your business’s outdoor spaces as well. For example, if a customer trips and injures themselves in your business’s parking lot, then your BOP will likely provide coverage for their medical treatment and, if necessary, your legal defense.
If your business has more extensive outdoor spaces, it’s also possible to add additional coverages to an existing BOP. To find out more about these coverages, you should speak to your business’s insurance provider.
This is how you can insure your business’s outdoor areas. Interested in finding the right policies to meet your company’s coverage needs? Then don’t hesitate to contact the experts at Steve Wilk Insurance Agency. Located in Illinois, check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.