Is arson covered in any small business insurance plans and will they ever pay to rebuild the small building?
Question by Sida: Is arson covered in any small business insurance plans and will they ever pay to rebuild the small building?
We’re not talking about an office building- it’s more of a 1 story home sized thing. I need to know for something I’m writing.
Best answer:
Answer by Ryan D
“Small business insurance”? I’m not sure that there is any such insurance.
A small business will probably have a number of different kinds of insurance. They’ll have a general liability policy and will make payments into the state workers comp. and unemployment funds. If they own a building, they’ll have property insurance on that which would cover arson by third parties. If they lease a building or office, they should have renters insurance that will cover their property inside the building, but the building as such will be insured by the owner. All of these kinds of policies are available to anyone who might have a need for them, not just small businesses.
But “small business insurance”? Never heard of such a thing.
What do you think? Answer below!
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As long as the arson isn’t committed by the owner of the policy, it’s considered the same as any other fire.
A standard commerical fire policy will pay out if the fire is caused by arson.
However, the insurer will go to great lengths to avoid paying on the policy as long as the case is unsolved.
If it is an arson fire and there are no clues as to who caused the arson, then it will be very, very difficult for the policyholder to collect on the claim.