123 Plumbing owns a commercial property that houses its office and warehouse. One day, a severe storm hit the area and caused significant damage to the roof of the building, resulting in water leaking into the warehouse and damaging the plumbing equipment stored there. This equipment is needed to complete their jobs on schedule.
123 Plumbing knew having a comprehensive insurance plan was necessary when they started the business. Thankfully, this included Business Owner’s Policy. The business owner files a claim with their insurance company for the damage to the building and the equipment.
The insurance adjuster assesses the damage and determines the cost to repair the roof and replace the damaged equipment under the business owner property insurance policy. The insurance company then paid for the repairs and cost to replace the damaged equipment, allowing the plumbing business to resume operations within a few days.
Without a business owner policy, the plumbing business would have had to pay for repairing and replacing the damaged equipment out of pocket, which would have been a significant financial burden.
For more information, contact the Victor Small Business team at info.smallbusiness@victorinsurance.com.
* The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.
