Property Insurance Policies: How to Customize Your Protection
Nationwide understands that you need complete, customized property insurance coverage for your business. That’s why we offer a wide range of property insurance options that give you flexibility to cover just what you need to protect your business.
“Think of these options and endorsements as “gap coverage,” says Brad Bengston, Commercial Sales Agent for Nationwide Insurance. “This additional coverage allows business owners to have complete property insurance policies that also cover situations usually not included in a basic policy. It’s a smart property insurance option for most businesses.”
While coverages vary from company to company, here are some of the more common property insurance options:
Builders' Risk
This property insurance option protects buildings in the process of being constructed, with "completed value" coverage for the full value of the finished building.
Building Ordinance and Law
This property insurance coverage pays for the cost of repairing or replacing damaged or destroyed property to meet the current levels of local building codes and ordinances.
Business Income
Also know as “business interruption” insurance, this covers a company’s loss of income resulting from damage or destruction of the property, and typically covers reimbursement for payroll, rental income and other expenses.
Earthquake
Covers property that is damaged by earthquakes or volcanic eruption. It is usually subject to a deductible that's based on a percentage of the property’s value.
Equipment Breakdown
Commonly called “boiler and machinery” insurance, this property insurance option provides coverage for damage caused by electrical and mechanical equipment through explosions, breakdowns and electrical arcing.
Flood Insurance
This provides coverage for losses to buildings and their contents due to flooding. Typically flood insurance policies are issued by specialized companies, backed by the government supported National Flood Insurance Program (NFIP).
Inflation Guard
Provides a percentage adjustment to property values following a loss. It allows for increased construction costs due to inflation and is usually a set percentage based on the inflation index in a given area.
Utility Services Direct Damage
Provides for losses incurred due to the failure of utilities, such as a power outage, water main break or natural gas transmission interruption.
Contact a Nationwide insurance advisor today and find out how our property insurance policies can provide customized protection for your company.
