Something Your Business Insurance Might Be Missing

If your business suffered a property loss, are you confident that your building would be restored to its pre-loss condition, including any changes in building codes?  It's sobering: over 30% of businesses that suffer a total loss never resume operations.  If these businesses had purchased the right insurance, they might have been able to continue operation.

One often-misunderstood type of insurance is called “building ordinance and law coverage.”  This kind of insurance provides additional coverage for enforcing building codes updated since your building was first constructed.  Damaged structures may need upgraded electrical, heating, ventilating, and air-conditioning (HVAC), roofing materials, fences, and plumbing to meet city codes.

Here are some examples of how ordinance and law coverage has helped a business:

•    This coverage provided $20,000 to upgrade windows to meet new environmental standards.

•    New codes required the business to install a sprinkler system at the cost of $125,000.

•    This coverage provided $11,000 for the installation of handicapped entrances and bathrooms.

Building ordinance and law coverage can have a specific limit based on your needs.  We recommend contacting us to review your coverage and make recommendations to meet your needs.