Commercial Property Insurance protects your company’s physical assets, including property, land, business technology, or retail products, from unexpected incidents such as fire, storms, theft, and vandalism. These items hold significant value and deserve to be financially protected so your business can recover, even after a disaster.
What is Commercial Property Insurance?
Commercial Property Insurance is a type of insurance that helps businesses and other entities protect their physical property from harm or disaster. Companies that operate with an inventory or out of a physical location should always carry Commercial Property Insurance. This coverage protects your business property against things like fire, theft, and natural disasters. If your business property is damaged or you lose your inventory due to a covered claim, this insurance coverage can help get your business back on its feet faster.
Commercial Property Insurance can apply to digital businesses with intellectual property or digital documents, agreements, and records. Every business should have Commercial Property Insurance!
What Does Commercial Property Insurance Cover?
This insurance can help cover any physical damage to your business or items within its location. Common items that can be covered under a Commercial Property Insurance policy are
- Office Furniture
- Retail Inventory
- Electronics and Technology
- Records and Documents
- Exterior Building and Landscape
- Marketing Signage
- Operational Equipment
Commercial Property Insurance can also cover you in a natural disaster, unexpected events, or theft and vandalism. If your business is in a flood zone, you may be required to purchase flood insurance as it’s not covered by a Commercial Property policy.
Do I Need Commercial Property Insurance?
It is not legally required to have Commercial Property Insurance, but we highly recommend it. There are some instances, like when you are renting a building, in which a landlord or rental agreement will require it. That said, if you care about protecting your business property and physical assets, it’s a good idea for you to have Commercial Property Insurance. This can apply to businesses that operate out of brick-and-mortar or digital businesses that host digital records on a laptop.
How Much Does Commercial Property Insurance Cost?
Similar to other insurance policies, the cost of Commercial Property Insurance will vary based on the business and the protected assets. For example, a digital company operated out of someone’s home will need protection for digital files, technology, and the physical home and office furniture. This business poses a reasonably low risk, meaning its premium will be much lower than a retail company that operates a warehouse full of hazardous materials. Insurance costs are always associated with risk, so the more likely your business is to need insurance, the higher the premium cost.
How Can I Get a Commercial Property Insurance Policy?
Call us! We proudly insure businesses across the country to help protect their assets and operations from the unexpected. If you are looking for a Commercial Property Insurance quote, it’s helpful to have as much business information as possible, including a list of assets that need to be insured and their estimated value. This will help us determine how much coverage you need, what your risk is, and how much your premium would be.
