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.
Is Commercial Property Insurance Required?
Although commercial property insurance isn’t legally mandated, your landlord may require it as part of your rental or lease agreement. Additionally, it is widely regarded as a crucial type of small business insurance, making it worth considering even if it’s not explicitly required by your landlord or lease terms.
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.
Do Independent Contractors Need Property Insurance?
If you’re self-employed and own, rent, or lease a physical space, commercial property insurance can provide essential coverage. Even if you work from home, you likely have business equipment or assets that need protection. Additionally, if you own valuable tools, equipment, or inventory stored at your business location, commercial property insurance is an excellent way to safeguard your property against physical damage or theft.
Are Vehicles Covered Under Commercial Property Insurance?
Commercial property insurance does not include coverage for vehicles used for business purposes. If your business owns, rents, or leases vehicles for work, you’ll need commercial auto insurance. Even if you use a personal vehicle for work-related activities, having commercial auto insurance is essential to ensure protection in case of accidents while on the job.
How Often Should I Update My Commercial Property Insurance Policy?
It’s important to review and update your commercial property insurance policy annually with your insurance company or broker. Depending on your industry, it might be beneficial to assess your policy, coverage, and potential risks on a monthly or quarterly basis. For most small businesses, an annual review is standard practice, typically aligning with policy renewal. Our team will usually contact you directly when it’s time to renew.
