Commercial insurance can help Clarkston, MI business owners minimize the money they have to spend on certain losses, ensuring they can keep their doors open and maximize profits. However, policies don’t cover everything. There are certain exclusions to keep in mind.
Standard Coverage
Most policies cover losses due to covered perils, such as wind, fire, and lightning damage. Many other natural disasters are usually covered, but coverage for natural disasters varies per policy. Speak with an agent at The Ryan Insurance Agency to learn more about your coverage.
Most policies will also cover injuries to employees via workers’ comp coverage. They’ll provide coverage for lawsuits with general liability coverage, too.
Coverage for theft is usually included, but some policies exclude theft by employees. Those that do include employee theft typically require a police report before they will reimburse business owners for the loss.
Common Exclusions
There are several exclusions that business owners should be mindful of. Certain natural disasters may be excluded, such as tornadoes and floods. Some policies only provide coverage for the building and damage to items inside the building, which can exclude additional structures or the parking lot.
Policies will not cover damage to company vehicles. Instead, you’ll use your auto policy to cover that damage. Deliberate acts are usually excluded. However, policies may include deliberate acts by other individuals who aren’t employed by the business. For example, arson and burglary are usually covered.
Every policy has a long list of included events and exclusions. It’s best to speak with an agent at the Ryan Insurance Agency to learn more about your coverage. Contact us today! We’re currently serving the Clarkston, MI area.
