Types of Commercial Property Insurance Policies

Thu Nov 30th, 2023 on Professional Errors and Omissions Insurance, VPM Legal

If you own or manage a business, you want to make certain that the business is protected in case the unexpected occurs. One of the best ways to do this is to ensure you have the correct types of commercial property insurance that provides the protection you need. At Ver Ploeg & Marino, we assist property owners in complex disputes with their commercial property insurers. When your claim has been unfairly denied or delayed, a Miami property insurance lawyer is there to help you achieve the outcome you deserve.

Business Liability Insurance

Business liability insurance provides protection to businesses, and usually the business owner(s), from liability in case of third-party claims or lawsuits. In addition to the direct financial liabilities, these policies typically cover the costs of legal defense. These policies can generally be considered one of three types of insurance:

The cost of this coverage can vary widely depending on the type of business as well as the business’s location, however, it can provide much-needed protection to companies and their owners.

Commercial Auto Insurance

Many companies provide vehicles for the use of owners and employees. While providing this benefit can be helpful and a great perk for employees, it does come with some risks. If the owner or employee causes injury to another person or their property while operating the motor vehicle, commercial auto insurance is able to provide the protection that is needed. If a claim made under the policy is wrongfully denied, contact a Miami property insurance lawyer from Ver Ploeg & Marino.

A commercial auto insurance policy may include coverage for the following:

Bodily Injury
Property Damages
Medical Expenses
Collision Coverage
Uninsured Motorist Coverage
Underinsured Motorist Coverage

Crime Insurance

While most business owners hate to consider it, crime often takes place from both internal and external sources. When it happens, criminal activity can cause a business to suffer catastrophic financial injury. Crime insurance can help alleviate the losses suffered by the business.

Crimes can include a wide variety of activities, including:

Dishonest Employees
Forgery
Theft
Burglary/Robbery
Computer Fraud

The cost of coverage will depend on different factors, such as whether or not there are any risk management tools in place as well as employee screening practices. Questions regarding crime insurance are best addressed by a Miami property insurance lawyer.

Business Income Insurance

Businesses sometimes have to close temporarily due to a covered loss. For example, if a fire destroys part of a store, forcing it to close while repairs are made, business income insurance can be very beneficial. According to the terms of the policy, it may be able to cover payroll expenses, lost income, and relocation expenses.

The cost of business income insurance can depend on different factors, such as the amount of coverage and the length of coverage.

Business Interruption Insurance

When circumstances beyond your control cause your company to close for a period of time, business interruption insurance can mean the difference between your business staying afloat or going belly-up. It can cover:

Lease or rent payments
Costs of relocation
Taxes
Employee wages

Of course, what is covered will depend on the terms of the actual policy. A Miami property insurance lawyer from Ver Ploeg & Marino is here to help should your insurer unfairly deny or delay payment of your claim.

Cyber Liability Insurance

Cyber attacks are a very real threat in today’s world. In order to keep your data and finances secure, it is advised to obtain a cyber liability insurance policy that can provide protection in case of a cyber-attack or other type of data breach. A comprehensive cyber liability insurance policy can provide for customer notification, credit monitoring services, and even establishing a call center for those that have been affected by the data breach. A Miami property insurance lawyer can help you understand exactly what your policy covers.

Equipment Breakdown Insurance

Electrical and mechanical equipment malfunctions can cause your business to shut down and lose much-needed revenue. Equipment breakdown insurance is able to provide coverage for many different types of breakdowns, from power surge problems to malfunctioning motors. It can pay to repair or even replace the broken equipment, as well as the costs involved for labor and time.

If your claim for coverage under an equipment breakdown insurance policy is denied or delayed in bad faith, contact a Miami property insurance lawyer from Ver Ploeg & Marino.

Accounts Receivable Insurance

Accounts receivable insurance is there to provide you with the coverage you need should your company be unable to collect customer payments. The inability to collect these payments can have a huge financial impact. Reasons payments may not be able to be collected include destruction of financial records as well as customer default due to a covered peril. This type of insurance typically does not cover a lack of payments due to a defective product.

Inland Marine Coverage

Inland marine insurance policies typically cover any damage that occurs during the transportation of products, equipment, and other materials. It can also include while the products are being warehoused by a third party. This type of insurance can be beneficial for businesses that often ship high-end and expensive materials that are excluded from basic insurance coverage.

Business Owner’s Policy (BOP)

A business owner’s policy (BOP) is a combination of different types of policies. The types of coverage that are included should be specific to what is needed for your specific industry and business. While a BOP can usually include commercial property insurance, crime insurance, and general liability insurance, it typically does not cover employee benefits coverage or business auto coverage.

Speak With A Miami Property Insurance Lawyer at VPM

If your business’s commercial property insurance claim has been unfairly delayed or denied, we are here to provide you with the representation you need to have your policy honored and receive the coverage you are owed. Contact our firm to speak with a Miami property insurance lawyer and learn more about the services we offer and how we can help you and your business.