Necessity of Buying Contractor Insurance in Carrollwood and Greater Northdale, FL

Posted by Tim Castle on August 7th, 2022

All individuals earning their living by running a business aspire to protect it from all risks. Apart from deciding on security, the business owner must consider buying commercial property insurance in Carrollwood and Greater Northdale, FL, to escape the loss of funds at an opportune moment. Such an insurance policy will cover financial loss caused by damage to assets and structures of the company. Interestingly, this type of insurance is an umbrella term, with the plan being free to be customized per one’s need.

Structures Covered by Insurance


The structure is owned by the insured person and serves as the business premises! One may have to pay the premium even when the structure is not owned. The triple net lease makes it mandatory for the business owner to pay for the insurance.

Apart from the main structure, one gets the following covered by insurance as well:

  •  Additions after completion
  •  Fixtures, especially the outdoor fixtures
  •  Installed machinery and equipment

Personal Property

Usually referred to as BPP, this part of the insurance policy is not concerned with the structure. Instead, it offers coverage for the contents within the structure. A business owner who is a tenant instead of the property owner may obtain coverage when the tenant makes improvements to the structure.

The items that are covered by insurance in the instance of damage or loss include:

  •  Fixtures & Furniture
  •  Equipment / Machinery
  •  Stock Products
  •  Personal possessions that are used for business operations
  •  Rented Area Upgrades
  •  Personal Possessions taken on lease

It is important to remember that the items inside the main insured building will enjoy coverage. In addition, items kept within a distance of 100 feet from the said building will also be covered.

Other’s Property

The insurance policy may extend coverage for properties that are not owned by the business person but remain under the individual’s control or custody. This could refer to borrowed property or even using someone else’s property on an agreement. There is a catch here, though. One, the said property must b within 100 feet of the insured structure, and in the event of a claim, the amount would be provided to the owner and not the business owner who has insured it.

Covered Damages

Most insurance companies ask for a proof of Loss form before providing compensation for damage due to perils. The business owner can claim reimbursement for damages caused due to the following:

  •  Fire Outbreak
  •  Lightning strikes
  •  Explosion
  •  Smoke damage
  •  High Winds & Thunderstorm
  •  Hail Damage
  •  Rioting
  •  Civil unrest
  •  Damage caused by aircraft or motor vehicle
  •  Vandalism
  •  Sprinkler leakage
  •  Collapse of sinkhole
  •  Volcanic activity

According to the “Broad Cause of Loss Form,” one may opt for additional coverage by agreeing to pay a trifle more as a premium. This helps one to get the required reimbursement for repair after falling objects to cause damage or the combined weight of snow, sleet, and ice affects the building structure. The collapse of the building and water damage are also included in the coverage.

On the other hand, a contractor can save oneself from all kinds of financial risks by buying contractor insurance in Carrollwood and Greater Northdale, FL.

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Tim Castle

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Tim Castle
Joined: July 6th, 2022
Articles Posted: 5

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