Business owners in Glendale, CA rely on their commercial insurance to protect against significant financial losses during emergencies. While many policies cover damage to the building, damaged inventory can also result in substantial costs. So, will your insurance help cover the cost of damaged inventory?
Covered Perils
In general, most insurance companies will cover damaged inventory as long as the event is classified as a covered peril. Common covered events include:
- Wind damage
- Theft
- Vandalism caused by individuals other than yourself or your employees
- Certain natural disasters
- Fire
- Lightning
It’s important to note that coverage varies by insurance company and location. Speak with a professional agent at Voi Insurance Solutions LLC to understand what events are covered under your policy.
Natural Disasters
Coverage for natural disasters often depends on your location. Areas prone to hurricanes, tornadoes, or wildfires may require additional coverage to protect your business during these events. Many insurance companies exclude flood damage from standard policies, requiring separate flood insurance.
Conduct a risk assessment based on the natural disasters common in your area, and consult with a professional to ensure you have the necessary coverage.
Excluded Events
Insurance companies often exclude certain events from coverage, including damage to inventory. For example, floods are typically excluded unless you have specific flood insurance.
Additionally, insurance companies won’t cover damage caused by you. You may need to provide proof of the incident, such as a police report or security camera footage, to demonstrate that you didn’t cause the damage.
Some policies also exclude damage caused by a disgruntled employee. Always consult with a professional to understand excluded events before filing a claim.
We understand how critical inventory is to your business operations. Agents at Voi Insurance Solutions LLC are here to help you secure the coverage your business needs. Contact us today to discuss your options. We’re proud to serve the Glendale, CA area.