There are many different insurance policies that can provide coverage to your property and possessions, but it can be hard to know the limits and exclusions of the various options. There are some insurance plans that strictly address property damage, while others address third-party involvement in the event of an accident and injury. Some policies offer blanket defense for multiple properties, while other premiums are uniquely crafted to address specific exposures. These differences would be accounted for through the application process, such as with the filing of an Acord 139 or 140, making it important to know the specific coverage areas of your policy.
Without the right liability policy in place, your financial abilities to defend against claims is severely reduced. Whether you are looking to replace an entire structure that was damaged in a fire or the contents of the property, your company or personal finances may not have to the depth to handle all of the elements of repairs and replacement.
Whenever you are looking to purchase or upgrade your insurance policy, it can be difficult to narrow down an exact quote. According to the experts at RMS Hospitality Group, the size of your property, the location, and the use of a property are leading factors in assessing insurance premiums. Whatever the reasons, it is much cheaper to have the coverage you don’t need, than to need it and not have it in place.