If you currently operate a business but are not sure if you have enough commercial property insurance, it might be a good idea to call an insurance agent. Regular commercial property insurance offers coverage for losses due to basic things such as fires or tornadoes; however, your current policy might be limited. In other words, there might be certain things that are not covered, but you might be able to get all of these things covered by adding riders to your insurance policy.
What is a rider?
A rider in the world of insurance is an extra type of coverage added to an existing policy. You typically cannot purchase a rider without having basic coverage to begin with, and riders allow you to make sure your business is fully covered and protected through insurance.
When you get coverage for your business, it's important to find out exactly what the policy covers. When you find this out, you may realize that there are certain parts of your business that are not protected by this policy, and this is where riders come into play.
Each rider you add to your policy will cover one particular asset or aspect of your business, and each rider will cost extra for the coverage.
What types of things can be covered through riders?
The good news about riders is that you can get them for almost any reason or purpose, and a good insurance company will customize your commercial insurance policy with the riders you need so that your business is fully protected. Here are some examples of riders you could add on to your current commercial property insurance policy:
- Machinery – If you have an expensive boiler, an elevator, or any other types of machines in your business, you may need to add a rider to your policy to insure these things. If you have this, you would be able to save money if any of these machines stopped working.
- Business interruption – If a disaster occurred and destroyed your business, your commercial property insurance would cover the costs to rebuild, but it would not cover the loss of income you would experience. Adding a rider for business interruption insurance would cover these types of losses.
- Cyber liability – Another rider you may want to get is cyber liability coverage, which is designed to cover losses that occur when information is stolen over the Internet.
If you are not certain that every part of your business is covered by your current insurance policy, call another insurance company, such as North American Brokerage Inc, and ask for a quote for commercial property insurance.