What to Consider when Purchasing Commercial Coverage in Lakewood, Colorado

To ensure that each Lakewood, Colorado, business has the insurance coverage it needs in case damage or destruction occurs, it may be necessary for the business owners to purchase a type of commercial property policy. A commercial property policy can cover the losses that may occur to company property when naturally destructive events occur as well as protect business owners in the cases of vandalism or theft.

When purchasing commercial coverage in Lakewood, Colorado, business owners should evaluate their needs in order to select the appropriate commercial property coverage type and amount. An all-risk policy will cover damage caused by a variety of events other than incidents that are noted as exceptions by the policy. This is the most commonly purchased type of commercial coverage. A peril-specific policy will cover losses from only specified events, such as fire or flood. An independent insurance agent can help Lakewood business owners determine if their properties are at risk for a particular peril and recommend peril insurance coverage if appropriate.

Business owners should be aware that different levels of risk are associated with different areas even within the city of Lakewood, Colorado. Insurance providers assess each area’s risk in order to determine which insurance coverage to offer at what cost. This means businesses in different neighborhoods may pay different rates for the same coverage. If a business is located in a high crime area or an area at risk of natural disasters, it will carry a higher risk and command higher insurance rates. Consulting with an independent insurance agent who can inform business owners about the risks their potential business location before they buy it can help owners make good decisions about purchasing property. Once they own a property, an insurance agent can still help them by recommending suitable coverage as well as suggesting ways for the owners to reduce their risks and save money.