If you live in Houston Texas, and have a commercial property, you need to understand that commercial insurance policies are not standardized. Each insurance company has the right to create their own policies for commercial properties. The result can be confusing. This article will consider a two of the major policy types that are available.
Business Owner Program (BOP) Policy
This type of commercial insurance policy is one commonly offered by insurance agencies. The target is usually the smaller commercial enterprises. The insurance policy of this type tends to combine both liability and property coverage together.
Commercial Multi-Peril (CMP) Policy
Unlike a BOP policy, this form of commercial insurance covers a wider spectrum. Among the types of coverage included are:
* Commercial property
* Liability
* Inland marine
* Commercial vehicle
Some business owners in Houston prefer to purchase a CMP policy since it is much cheaper and less complicated to purchase than to purchase policies for each individual type of coverage.
Specific Types of Coverage Available
The commercial policy you choose for your Houston business may cover a variety of items. They may be included within the original commercial insurance policy or be added as an endorsement. Alternatively, you can also decide to purchase policies that are separate and, therefore, ensure complete coverage of all aspects of your business. The diverse coverages possible may include, but are not restricted to:
* A building or structures that the insured currently occupies but does not own e.g. leases
* Structures that are newly bought but not necessarily included in the original commercial insurance policy
* Personal property owned by employees while on the employer’s premises
* Property that is placed off-premises
* If business operations are interrupted, this type of policy will cover lost income
* Additional costs to return the business to normal following damages may be covered by this policy or addendum
* If you lose valuable papers and documents, there is coverage for this
* An endorsement can increase the amount you receive for structural repairs if ordinances or laws require you to make repairs or improvements to bring the building up to code
* Equipment such as boilers, air conditioning units, compressors and related items may require extra coverage. Make sure first you provide a * comprehensive list of all the equipment or it will not be covered.
Commercial Insurance
When looking for the right type of insurance for your business in Houston, TX, be sure you understand the various options you have. Make certain to include everything that requires coverage. Consider endorsements whenever necessary to make certain everything is covered. Above all, be certain the commercial insurance company you are dealing with is one that has a good reputation for honesty, comprehensive coverage and for quickly delivering what their policies promise.
