commercial

Commercial Insurance: How Long Does It Typically Last?

Posted on by AgentInsure

If you own or manage a business, you need commercial insurance. This form of essential insurance safeguards the business against myriad lawsuits, ultimately ensuring the enterprise remains open even amidst one or several lawsuits.

Do some research and you’ll likely have at least a couple questions about coverage and terms. As an example, most business owners want to know how long commercial insurance lasts.

Safechoice Insurance Agency is here to provide clarification.

The Length of Commercial Insurance

Commercial Insurance lasts for a specific term. In general, most such policies last a single year. As an example, the typical commercial insurance contract for a business has an expiration date often on the first of the month exactly one year after it was activated. It is at this point that the business loses its commercial insurance coverage unless renewed. 

However, there are some policies that last upwards of three to five years. General liability insurance usually lasts one year. Professional liability insurance typically lasts a year to five years. Business interruption insurance length is usually the same as the term of the property insurance policy.

There are also some short-term commercial insurance policy options available for businesses like yours. Shop around and you’ll find the best rate and terms for your Rochester, MN business.

Keep Your Documentation After the Policy Expires

Hold onto your commercial insurance policy documents across posterity. This way, if a claim is made toward the end of the policy or in arrears, meaning after the policy ended but when active, you’ll have sufficient documentation to prove the policy was active at the time of the alleged wrongdoing.

Contact Safechoice Insurance Agency

Serving Rochester, MN, Safechoice Insurance Agency offers affordable commercial insurance with fair terms. Contact us today to learn more about your coverage options.

Will Commercial Insurance Replace A Parking Lot?

Posted on by AgentInsure

Commercial insurance can provide coverage for your building in the event of incidents like fires or natural disasters. However, it only applies to covered perils and specific items. But can it help you with your parking lot?

Covered Structures

Most property insurance policies primarily cover the main building where your business operates. Some policies may extend coverage to other structures, such as parking lots, fences, or storage sheds. However, other policies specifically exclude these areas unless you purchase additional protection for detached structures. It’s important to speak with an agent at Safechoice Insurance Agency to ensure your parking lot is covered.

Covered Perils

If your insurance policy includes coverage for your parking lot and the damage is caused by a covered peril, your policy will cover the repair costs. Common covered perils include accidents, fire, vandalism, and certain weather events.

However, several exclusions apply. Many policies exclude severe weather events like hurricanes and tornadoes, requiring additional coverage for these situations. Intentional damage caused by the business owner or employees is also not covered. Filing a claim for intentional damage is considered insurance fraud.

Normal wear and tear or preventative maintenance is not covered either. For example, if your asphalt parking lot requires resealing due to aging, you’ll need to pay for it out of pocket, as it is considered standard maintenance.

Agents at Safechoice Insurance Agency are here to help. We’ll review your specific situation and let you know if your policy can cover parking lot repairs. Contact our office in Rochester, MN.