Do you have questions about the insurance of the commercial premises in which you practice your profession? To better define what you need, what risks you must cover and what types of insurance policies to take out, find out what you need to know about commercial premises insurance. The Commercial Insurance Elizabeth New Jersey is important here.
Why Is Commercial Premises Insurance Essential?
The obligation to insure commercial premises depends on your sector of activity. There are commercial activities that are not subject to it, but they are rare. On the other hand, at least, the subscription of a professional civil liability is always obligatory.
These risks can cost a lot of money in operating losses if you have to close for a while, if you lose goods, if an employee or a customer is the victim of an accident, or if you notice the destruction of equipment in your premises such as a cash register, refrigerated compartments, or even shelving.
The Different Types of Insurance for Commercial Premises and Their Guarantees
If you are a tenant or owner of commercial premises and you carry out a professional activity there, you have the choice of taking out different insurance policies to protect you against various risks.
The insurance that covers the goodwill
It is often imposed on the tenant by the lessor and frequently appears in the lease contract of the commercial premises. But even if it is not taxed or you own it, it is safer to take out one. It will protect your premises, your cash register equipment, and all your installations against all types of accidents, natural disasters and also malicious acts.
Professional civil liability insurance
This is the insurance that will protect you and all your staff against all the consequences of damage caused to third parties (and therefore your customers). It can only apply to the perimeter of your commercial premises but also cover any travel by your staff (for deliveries, for example).
It covers both damage caused by staff (for example a salesperson who drops an object on a customer) or damage suffered by a customer (a visitor who trips on the floor of your shop and injures himself by falling).
Business interruption insurance
It intervenes when an external event forces you to stop the activity. The coronavirus pandemic is a typical example. This insurance also covers you when major works force you to close or when accidents and natural disasters stop your activity for a certain period of time.
How to Change Insurance for Your Commercial Premises?
If you want to compete with different insurers for the insurance of your commercial premises, the termination of your current contract can be done under certain circumstances:
On the expiry date of the contract
Your insurer must notify you at least two months before the end date of the contract. If you do not want to renew your contract, you will only have to send a registered letter with acknowledgment of receipt to inform your insurer of your decision.
Certain changes of situation (retirement, change of domicile of the company, judicial liquidation, etc.) may be cases of termination of your commercial premises insurance contract.
Similarly, if your insurer modifies certain clauses of your contract (cancellation of certain cover, increase in premiums or deductible, reduction in the compensation ceiling, etc.), you then have the opportunity to terminate it and look for a new insurer for your business premises.