It’s not just people concerned about their homes and their cars in the famed Florida traffic flow who opt for insurance. Many insurance companies, while catering to the needs of individuals, also offer exclusive insurance services for businesses and established organizations. The policy covers damage and losses which their properties could be affected by in the event of a fire or a natural disaster. While policies may also cover for the people employed by the company such as in case of injury or lost payment, there’s always confusion regarding theft.
Why the Confusion
Theft on a business property might or might not involve damage to material possessions. If a certain amount of money has been stolen from the property which had not been insured, chances are it will not be covered by the policy. While policies are always clear about covering (or not covering) damages to property, lawsuits, and even lost income, with theft a whole different pact needs to be signed. It all boils down to the kind of theft and the nature of the material stolen.
Different policies are offered for things such as office equipment and tools, which when insured can be claimed for coverage in case of damages.
Business Equipment Insurance
Many companies offer a business equipment insurance policy which covers the equipment used within the commercial building and which is used expressly for the business—such as a laptop. Items which are usually kept in commercial businesses—such as a printer or a photocopier—fall under this category. Many companies also cover the equipment if it is left overnight in a locked car.
Many businesses have stocks that need protecting for which many insurance companies offer stock insurance policies, tailored exclusively for this purpose. This is a policy which does cover theft and also provides coverage for damage which occurs due to accidental reasons.
Stock insurance also covers for items left with businesses for repair, such as phones and computers. Many repair businesses might face theft and burglaries when they have items to repair left with them. A stock insurance covers for these items if stolen from the possession of the repair business.
Stock insurances also cover thefts in shops from which stocks are stolen, as well as providing coverage for money stolen when the shop is closed. Losses resulting from dishonesty on part of employees are also covered in a stock insurance.
Think Before You Sign
Before signing up for an insurance policy, make sure that you are fully acquainted with what the policy covers. Read the terms thoroughly and always check in with a representative of the company in case of confusion. Only make a claim with the company once you are sure the policy covers for it—such as theft.
You may inquire at the insurance company and demand clarification they will provide coverage for:
- The personal properties of your employees
- Commercial property that is off the premises
- Coverage for interruption in business
- Machinery and systems
Looking for an Insurance Lawyer?
If your commercial venture is being denied payment by an insurance company despite you making a claim, Arnesen Webb, P.A. can help you. We are a team of experienced property damage lawyers who assist clients in the process of insurance claims. We help people who need to deal with Florida insurance companies which refuse to compensate in case of issues such as water and fire damage, car crashes, pipeline leaks, flooding, etc.
If the insurance policy that you signed up for covered theft and the firm is still denying payment, get in touch with us today by calling at (561) 757-6000.