When an explosion occurs, the damage can be incredible. In any business situation, the goal is to keep your property and your people safe. When the unexpected happens, your commercial property insurance can step in to help you. In an explosion, you may need to work with your agent to ensure
comprehensive coverage is there to support you. What can you expect?
Commercial Property Insurance Coverage
An explosion can be very large or quite small. In all situations, your first goal is to get people safe. Work with the local fire department to get the situation under control and safe. You do not want to put your community at risk.
Once the area is safe, then call in your business insurance company. They will work with you to determine the extent of the damage and your coverage needs.
There are various ways your policy may offer help. Keep in mind, commercial property insurance protects the structure and the contents of your building. If you have injuries to workers, that likely falls under your workers’ compensation coverage. If third parties suffer injuries, that usually falls under your general liability insurance.
Your comprehensive property insurance can help in a variety of ways. This includes:
- Cleanup of the event – This includes the removal of debris in a safe manner, according to local requirements. Fire suppression and water can create a significant amount of damage. Professional cleanup is necessary in most cases.
- Repairs to the structure – The goal here is to get the warehouse back into working order as soon as possible. Your policy helps to pay for repairs to get the space to a safe level like this.
- Replacement of contents – Equipment, inventory, and other items stored within your warehouse may fall under this area. The goal is clear – to help you replace what the explosion damaged.
- Moving the business – In some situations, some policies can help you to move your operations to another location until repairs can happen. This may not apply to all situations, depending on the features of your policy.
Commercial property insurance can be vital for all warehouse operations to maintain. As business and high-tech as some of these locations are, be sure to work closely with your agent. Your policy needs to match your risks. It also needs to match the value of your property. Be sure it is up to date to do this.
Also Read: Your Guide to Property Damage Liability Insurance