You do your best to take care of your business in every way possible. This includes the physical location of your business.
It doesn’t matter whether you own your location or rent it, the location is still a symbol of your business, and you care for it.
You also need good commercial property insurance to protect your business against a worst-case scenario event. Whether that means protecting against fire, theft, or a customer falling on the property, you need to protect your business and its interest.
Read on to learn more about commercial property insurance and why you need the coverage.
What Is Commercial Property Insurance?
Commercial property insurance is business insurance intended to protect your business premises. This insurance would cover repairs and replacement on items lost.
The insurance would cover your business from such events as:
- Client lawsuits
- Customer or employee injuries
- Property theft
- Property damage
There are several types of business insurance to consider; more on this later.
Who Needs Commercial Property Insurance Coverage?
Are you wondering if your business should buy insurance? Maybe you rent instead of buy.
Perhaps you don’t have inventory, so your business is just a work site. Maybe you don’t have customers who come to your business premises.
The truth is that all businesses should have commercial property insurance. Whether you rent or own the property that contains your business, you want it insured.
If you’re a business, then you want to have business coverage. In reality, accidents, lawsuits, and injuries can happen anytime. They can happen to an employee or a customer.
Your business could be the victim of nefarious actions, and you want insurance to protect you.
Types of Commercial Insurance
As you consider an insurance plan for your business, you should know there are several different types of commercial insurance. You want to be sure to get an insurance policy that brings you the coverage you need.
The two most common types of business insurance include general property insurance and liability insurance. The property insurance covers the physical property and contents from things like theft, fire, vandalism, and storm damage.
The liability insurance protects the business from things like a customer falling and getting an injury on the property.
Cost Factors for a Commercial Property Insurance Plan
Of course, you will care about the cost of the policy. Several factors impact the cost of a policy. The amount of coverage you get is likely the most significant factor in cost.
Other factors include:
- Value of property or building
- Value of physical assets inside
- Level of coverage: cash value or replacement cost coverage
- Age of the building
Learn more about this and the other factors that impact cost here.
Get the Commercial Property Insurance Your Property Needs
Your business and the actual property need commercial property insurance. In today’s litigious world, protect your business with full insurance protection.
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- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.