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Businesses may need to relocate for various reasons. Some business owners may find that their current location isn’t ideal for profitability and decide to move to a better location. Others may be forced to relocate due to unforeseen events, such as fires or tornadoes. Whether commercial insurance in Beloit, WI, covers moving expenses often depends on the reason for relocation and the type of coverage you have.
Covered Perils
Most insurance companies, including Senz Insurance Agency Inc., will cover relocation costs if a business needs to move due to a covered event. Commonly covered events include fires, electrical damage, and wind damage.
Coverage for natural disasters, such as tornadoes, hurricanes, and flooding, varies by insurance provider. Some policies include these events, while others exclude them, requiring businesses to purchase additional coverage. To understand what your policy covers, consult an agent at your insurance company.
Type of Insurance
Commercial insurance is not mandatory; however, several types of coverage are available. The type of insurance you have plays a significant role in determining whether moving expenses are covered.
For example, commercial property insurance typically covers building damage if you own the property, but does not cover relocation costs. On the other hand, business interruption insurance often provides coverage for additional expenses, including moving. This type of insurance may cover moving expenses, rent or lease costs for a new location, lost employee wages, and other costs resulting from a covered event.
Business interruption coverage can vary depending on your insurance provider. Experienced agents at Senz Insurance Agency Inc. can help you understand what’s included in your commercial insurance policy. Contact us today to learn more about business interruption coverage. We proudly serve the Beloit, WI, area.
