One of the many risks that today’s business owners face is damage to or destruction of their commercial property, whether due to natural disaster or some other peril.
Commercial property insurance is one of a number of business insurances that is needed to protect your building and your company.
Whether you own or rent your building, a commercial policy from your commercial property insurance agency protects the things that keep your business productive and income-producing, even after something drastic happens.
What Is Commercial Property Insurance?
Commercial property insurance is a type of business insurance that protects your physical building as well as the company property inside that structure.
It is the equivalent of a homeowner’s policy except for a commercial building where your business is housed and operating.
What Does A Commercial Property Policy Cover?
A well-drafted commercial policy purchased from your commercial property insurance agency covers damages to your building from a covered peril and many other things.
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It covers damage or destruction of business equipment, building fixtures, business supplies and inventory, and all other physical assets owned by your company.
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Your assets are protected when damaged or destroyed by perils such as a fire, lightning, hurricane, windstorm, and other weather-related events plus damage caused by sprinkler or appliance leaks, structural collapse due to ice and snow, vandalism, riots, automobile or aircraft collision, and many other causes.
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While some perils, such as flooding, robbery, employee theft, and earthquake are not typically included in the standard commercial policy, they are all available as add-on coverage so your business investment can be covered against all the things that could result in a loss.
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Your policy may also offer important benefits like business interruption coverage to help you rebound while the company is unable to generate income, ordinance and law coverage for when your damaged building must be improved to fit current ordinances, and valuable papers coverage for business records and more.
Which Companies Need Commercial Property Insurance?
Although a commercial business policy is critical if you own your commercial building, it’s equally important even if you don’t, for all the other property it will cover.
Your company is much more than just the building it operates out of, so you need a commercial property insurance policy to protect everything that’s yours, even if you only pay rent to a landlord.
The add-on and special coverage such as business interruption insurance, theft coverage, and others are essential protection for any business owner, not just the person who owns the building.
Protect Your Business With A Commercial Property Policy
There are no guarantees in life or in business, for that matter.
When it comes to protecting your company against the perils that could grind your operation to a halt, commercial property insurance is one of the better investments to make in your company’s profitability and future existence.
Talk to your commercial insurance agent today to craft a tailored insurance policy that will provide the protection your business needs most so that if and when you experience a loss, you can keep right on going after the repairs are made!
