Commercial Property Insurance

What Is Commercial Property Insurance?

Businesses have many physical assets, including buildings, computers, specialized equipment, outdoor signage and inventory. If a fire, storm or thief were to damage or steal these assets, a business may have to go through a recovery process before their doors can open once more.

Without adequate commercial property coverage, approximately a quarter of businesses fail during the first year following a disaster or theft. Such events result in hundreds of billions of dollars in paid claims. Most businesses cannot afford such a substantial loss. Commercial property insurance can assist with repairs, replacements and lost income during a tumultuous time like a natural disaster or theft.

How Does Commercial property Insurance Help?

Commercial property insurance helps businesses survive various situations. These situations include the following:

• Repair or replacement: Coverage can extend to assets that are lost, damaged or stolen due to fire, storm, hail, tornado, theft or vandalism. Damage from flooding and earthquakes are excluded.
• Lost income: Income loss results from a business’ inability to run as usual following a disaster. This coverage can offer lost income relief, along with the expenses associated with recovery.
• Temporary location: A devastated building may no longer be able to support daily operations. Coverage can extend to funding a temporary location while repairs are being made.

 

How Does Commercial Property Insurance Work? 

If you experience a covered commercial property loss, you may work through the claims process to receive financial compensation. Typically, this involves gathering documentation, completing paperwork and consulting with your insurance agent. Depending on the type of claim, you may need to work with an insurance adjuster, obtain estimates for repairs or provide other information. If the insurer approves the submitted claim, payment may generally be provided to you or an approved party on your behalf. Limits and deductibles may apply.

 

How Much Commercial Property Insurance Do I Need?

Each business’s commercial property insurance needs are different. Landlords may require proof of commercial property insurance before leasing a space, and lenders may require it before approving a loan. The amount you need may depend on the terms of your lease/mortgage, your financial positions, the value of your property and your risk tolerance.

 

How Much Does Commercial Property Insurance Cost?

The cost of property insurance depends on several factors. The size, value and location of your insured property, as well as your selected limits and deductibles, could affect premiums.

Get Started Today!

We can assist you in finding the commercial property insurance policy that best suits the needs of your business. Call us today with any questions or concerns or to start the process of finding comprehensive coverage for your business.