The occupants and operations within a commercial structure often have a lot of bearing when it comes to providing a fully comprehensive multi-peril insurance coverage plan or business owners policy (BOP). Many commercial buildings have business operations on the main floor or in one specific area of a structure with the rest of the building being occupied by habitational residents as apartments or condos. Safety measures for all occupants should be taken in order for policyholders to stay protected and also comply with their insurance policy guidelines.
Operations and Building Use
The operations that exist at a commercial structure should always be made clear to the insurance carrier. Underwriters want to know if the owner is on-site daily or if he or she is renting out space to other companies or individuals. The existence of habitational units should always be reported, just as vacant spaces need to also be noted. A change in operations may mean an adjustment to a company’s insurance policy and/or coverage limits is required. Outdated or incorrect information regarding the occupants and happenings at a commercial structure could lead to problems and confusion in the event of an insurance claim.
Commercial buildings, especially those with habitational occupants, should have serviced and tagged fire extinguishers on-site. Smoke detectors need to also be present, with battery and system checks done on a semi-annual basis.
Places of public assembly or habitational occupancy should also have illuminated exit signs and emergency lighting. These systems must be maintained regularly in order to make sure they work correctly during a severe weather emergency or power outage. Clear means of egress, security locks, and surveillance systems will also keep a building and its occupants safer during times of crises. The proper upkeep of this items, as well as fire protection systems may also help to lower insurance premiums.
If you would to like to discuss your options for commercial insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.