What is Commercial Property Insurance?
Running a business involves various risks, including damage to or destruction of buildings, premises, equipment or structures, so commercial property insurance will give peace of mind to those who care about their business. Insurance will protect against a range of unforeseen events such as fire, theft, natural disasters, etc., giving you the security of knowing that you will receive financial support in the event of an insured peril. It will allow you to get back to your normal working routine more quickly after an accident.
What properties can be insured?
It is possible to insure both immovable and movable property of the company. Immovable property includes buildings and related elements such as internal and external finishes, built-in communications, glazing, roof structures, building foundations, built-in air conditioning and ventilation systems, etc. If the economic activity is carried out in individual premises rather than in the whole building, only the premises concerned may be insured.
The movable property of an undertaking includes office equipment, machinery, work tables, technological equipment, raw materials, manufactured products, etc., as well as third party property located on the premises of the undertaking, organisation or institution on any legal basis.
What is covered by a Commercial Property Insurance
The insurance covers losses resulting from unforeseen events and the scope of risks can be tailored to the customer's needs. Specific risks can be covered, such as damage caused by natural disasters, fire, theft, liquid or vapour leaks, malicious damage by third parties, etc.
If necessary, the insurance policy may also cover the risk of equipment breakage or business interruption, loss of low-value inventory, damage to the property of employees accidentally located on the insured premises, etc.
What is not covered
The insurance does not cover damage caused by the natural deterioration of the building or premises, regularly required maintenance or repairs, shortages of movable property revealed by an inventory, damage caused by employee misconduct, damage caused by computer viruses or untimely deliveries, etc. Also excluded are, for example, house plants, paintings, jewellery, cash, antiques, unless specifically excluded.
Iportant! Before you buy a policy, read carefully the scope of risks and exclusions covered!
What should I do in case of an accident?
In the event of an insured event, you must immediately call the responsible service:
- In case of fire or explosion, the State Fire and Rescue Service,
- in case of theft, robbery or attempted robbery, the National Police,
- in the event of a breakdown of utilities, the emergency services, the building manager or the municipal police.
Within 2 working days of the accident, you must inform the insurance company and fill in a claim form or seek advice from an insurance broker. The insurer will then inform you of the next steps.
Iportant! Until the insurer has inspected the damaged or destroyed insured property and drawn up an inspection report, no repairs or remedial work may be started except that which is necessary immediately to avoid endangering others or causing further damage.
What customers say about us
Jolanta approaches her work not only with a high sense of responsibility and care for finding exactly the best solution for her clients, but also with a positive and energetic attitude! We have been working together since 2012. A reliable partner with excellent service.
Sindija Rēķe
Distrelec Group Compensation Manager
