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Owning property comes with countless risks. These risks can multiply for businesses that own property. Commercial property insurance can protect against any potential damage caused to or by your business’s commercial property. Keep reading to learn more about commercial property insurance.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Commercial property insurance provides coverage for losses related to your business’s physical assets. This type of insurance can apply to buildings and structures as well as equipment, inventory, supplies, furniture, and fixtures. You can even obtain commercial property insurance for someone else’s property being used or cared for by your business. There are so many factors that play into commercial property insurance. We will cover the basics in this article. When you are ready to start shopping for commercial property insurance policies, it can be important to consult a licensed insurance agent.
Any company that owns property is eligible for commercial property insurance. Even if you rent a commercial building, you may still be obligated to purchase commercial property insurance. Check your lease agreement to understand what insurance you are required to obtain. Here are some examples of company property that would need commercial property insurance:
Commercial property insurance covers damage or loss of your company’s property. Depending on your property and insurance policy, commercial property insurance can replace or repair lost, damaged, or stolen property. Here are some events which are typically covered by commercial property insurance:
There are certain items that are not covered in most basic commercial insurance policies but can be specially added to your policy if needed. Here are some examples of those items:
There are some items that are generally not covered under any commercial property insurance policy. You can still get insurance for these, but just not under your commercial property insurance. Here are some examples of those items:
To understand what property you can cover under your commercial insurance policy, speak with a licensed insurance agent.
Limits of commercial property insurance greatly depend on the property itself. You will need to consult your insurance provider to assess what coverage limits you should purchase. Limits are usually based upon the actual cash value of the property and replacement cost.
When insuring multiple buildings as commercial property, there are generally two types of coverage limits: blanketed limit and scheduled building limit. A blanket limit groups the value of all buildings together into one valued limit available for any single claim. A scheduled building limit breaks the buildings into individual limits that are each available for any single claim. Blanketed limits are generally recommended.
Just like commercial property insurance limits, cost varies widely based on what your company needs insured. The higher risk your business and commercial property are, the higher your premium cost will be. Many factors impact the premium cost. Some of these include the value of the commercial property, business location, coverage limits and deductible cost.
Choosing the best commercial property insurance depends on what property a company needs covered. A licensed insurance provider can help you assess what you need covered and at what cost. You can follow these tips to find the best deal for your business:
No matter your company’s situation, consulting licensed professionals with expertise in insurance can save you time, money, and headache. You will be glad that you protected your commercial property in the event of any unfortunate incident.
