Work Comp is specifically rated and there’s two factors that go into rating it. The first one is what kind of work are your people doing? Someone that’s working inside of an office has a very, very low hazardous job. Someone that is a steel worker, trimming trees, putting on roofs, those are all very high hazardous jobs and the chance for those people to get injured are much more than, let’s say, the office worker.
A coverage that is often overlooked when a commercial insurance policy is being put together is business income coverage or business continuation coverage.
What this coverage does for the client is it protects them in the event of a disaster where they are put out of business. It will give them an income stream to continue their operations in the meantime until they can get back on their feet.
Insuring a commercial building can be difficult. Today I’ll go through a few items that’ll make it a little bit easier for you. The first thing we need to know is what kind of building did you buy? Is it an apartment building? Is it an office complex? Is it a restaurant? Some buildings combine a little bit of everything; those are known as mixed-use buildings. So we’ll need to know what kind of building you bought and what the occupancies are going to be.