Protecting your property
Whether you’re a contractor, you run a small restaurant, or you’re an automotive dealer, you and your employees work hard for everything your company has. You need to protect your property, whether that includes buildings, equipment, machinery, computers or vehicles. That’s where commercial property insurance and auto insurance come in—and we can help with both!
What is commercial property insurance?
Commercial property insurance may protect your building if you own it or you’re responsible for it according to the lease you have with your landlord. It also protects your building’s contents. This can include equipment, furniture, fixtures, tools, machinery and property of others. Even when your property is away from your business premises – and, for instance, in transit – Federated Insurance can provide coverage. Our coverage also includes specific protection for flood, earthquake and sewer backup, if needed. If something should go wrong, the right commercial property policy can help with repair costs and get you back in business quickly.
Since your business is unique, your insurance policy should be too. Federated Insurance provides you with the flexibility to protect specific property or the ability to purchase blanket coverage for all of your business property.
What is auto insurance?
If your business makes use of company vehicles in any way, auto insurance is necessary. We can provide coverage for commercial cars. Federated Insurance also offers garage policies, which include special coverage if your business provides services to customers’ automobiles (i.e. auto repairs).
These coverages are especially important because things can go wrong quickly once you’re behind the wheel, and our auto insurance ensures there’s coverage for the vehicle, as well as any damage to a third party. Standard commercial auto insurance can also cover loading and unloading liability, if property owned by others is damaged while it is being removed or placed into your vehicle, and replacement car coverage, if you have to rent a temporary car for day-to-day operations after an accident.
Some business owners may think they’re already protected under their personal auto policy and therefore don’t need commercial auto insurance, but there are a few reasons this may not be the case. Your business should consider commercial auto insurance if your vehicle’s ownership is in your business’ name, or if the car is used to transport goods, merchandise, equipment or tools. We wouldn’t be Federated Insurance if we didn’t take your coverage a few steps further. In addition to commercial auto insurance, we’re also able to offer:
– Vehicle fleet insurance
Your business’ newly acquired vehicles are automatically covered by a blanket fleet endorsement from Federated Insurance.
Some factors that can affect the cost of your insurance premiums
Location
Where your business is located can affect the cost of your insurance. For instance, if you operate in an area that is particularly prone to flooding, your coverage and premium may reflect that. The same is true for auto insurance. Your premium may be higher depending on where you’re driving, and what you’re using the car for (e.g. transporting goods).
Replacement costs
Imagine your business suffered a major loss that resulted in you needing to replace not only the building you operate out of, but everything inside as well. However much it would cost to replace all of these items, may affect how much your premium will be.
The type of building or vehicle
Your premium for insurance on your building can be affected by a number of things including the type of construction, public fire protection and the occupancies inside the building. For auto insurance, the number and type of vehicles that are covered can affect the premium greatly.
List of drivers
Depending on who is operating your company vehicle on a regular basis, your premium may be affected. Driver history can have an impact as well.
Can we help you prevent claims from happening in the first place?
Yes. Or we can try, at least. That’s where the Federated Insurance Risk Services programs come in.
We’ve developed exclusive programs and services to help you enhance workplace and employee safety – a must in any business. Our Risk Services specialists are available to help you create, implement and maintain a company safety program, provide you and your employees with valuable safety advice, and answer any questions you may have throughout the process.
