When it comes to commercial insurance, you've got a lot at stake.
When your business suffers a loss due to theft, vandalism, or some other
covered event, insurance can help your business resume operations. But how
does commercial property insurance protect your business? Here are 5 things
to consider when choosing commercial property insurance:
Commercial property insurance protects your business and its
assets. It offers various coverages for various areas of your business. Compare
commercial property insurance quotes in your area today and get a customized
quote to protect your business.
Are you covered for the specific risks that you
face?
What is commercial property insurance?
Commercial property insurance is a type of general liability
insurance that covers your business against a range of risks. It's one of the
most important types of business insurance for any company.
Commercial property insurance is designed to protect your
commercial building and its contents, as well as any other buildings on your
premises or within your control. This can include anything from offices and
warehouses to restaurants, hotels, and shopping centers.
Are you covered for the specific risks that you
face?
If you own or manage rental properties, then you need to know
whether or not your policy will protect you from tenants who have unpaid rent,
damaged fixtures, or left their belongings behind when they move out. The same
goes for those who have broken in — does the policy cover your losses in those
situations?
Commercial property insurance is a key part of any business plan.
It helps protect your property from damage or loss to give you peace of mind
and ensure your business remains profitable. But what happens if your policy
doesn't contain the right coverage?
The wrong commercial property insurance coverage can lead to an
unexpected financial blow when disaster strikes. For example, you may have
coverage for fire but not water damage. Or perhaps you don't have enough
liability coverage in place.
Fire and smoke damage
Fire and smoke damage aren't covered by all policies. If your
property is damaged by fire or smoke, your policy may not provide enough
protection. Make sure all areas are covered, including basements and garages,
as well as contents like furniture and equipment inside the building.
Water damage
Water damage isn't always included in standard policies either —
especially if it's caused by a burst pipe or roof leak rather than flooding
related to rain or stormy weather conditions. If this happens, you could be out
of pocket tens of thousands of dollars without adequate protection through your
policy.
Are you paying for too much coverage or not
enough?
The average American spends $1,000 per year on auto insurance.
Here's how to find out if you're paying for too much coverage or not enough:
Check your driving record. If you've been in an accident or
received a speeding ticket within the past three years, it may be time to
consider raising your deductible. If your financial situation has changed —
say, because you've lost your job — then perhaps it's time to reduce your
coverage levels.
Take stock of what's covered by your policy. If you have collision
and comprehensive insurance, you can't deduct them from the total cost of the
policy. But if you only have liability coverage, then those are two major costs
that can be factored out of your premium calculation.
Review your claims history. Are all of your accidents related to
driving? Do they involve other people? If so, consider dropping comprehensive
and/or collision coverage altogether and saving yourself some money on premiums
every year going forward
Have you considered every possible scenario?
Commercial property insurance can help you protect your company
against physical loss or damage to your business, its inventory, equipment, and
other property.
Whether you're a small business owner, start-up, or expanding your
current business, the right commercial property insurance policy can help you
recover quickly when disaster strikes.
Commercial Property Insurance
Business interruption coverage. If a covered loss forces you to
close for an extended period, this coverage pays for lost profits during the
closure period. Coverage is available for up to 1 year after a covered loss
occurs, but typically covers losses only up to 30 days after the event.
Direct property coverage. This pays for damage caused by fire and
other perils that are not covered by standard homeowners' insurance policies
(such as theft). Direct property coverage is available for buildings and other
structures used for business operations that are not used as homes (for
example, factories).
Additional Living Expense Coverage (ALE) pays for temporary living
expenses if your home becomes uninhabitable due to a covered peril such as fire
or flood.*
Do you have the right replacement-cost
coverage?
When it comes to commercial property insurance, most businesses are
not aware of what they are covered for and what they are not.
What is Replacement Cost Coverage?
Replacement cost coverage is one of the most important aspects of any
commercial property insurance policy. It will pay the full cost of replacing
damaged or destroyed property, no matter how much that cost may be. For
example, if your business was damaged by a fire, you would receive enough money
to rebuild your business at today’s prices.
What is Actual Cash Value Coverage?
The majority of businesses have actual cash value coverage on their
commercial property insurance policies. With this type of coverage, you get
paid based on the depreciated value of the damaged or destroyed property.
Actual cash value coverage only pays out what something is worth today and not
what it would have been worth had it not been damaged or destroyed.
Do you pay an insurance premium that makes
sense?
You may be aware that commercial property insurance covers your
building, but did you know it also covers the contents of your building? If a
storm blows through or a fire breaks out, having coverage for these things can
help ensure that you're able to get back on track as soon as possible.
Commercial property insurance also protects against liability
claims, which protect your business if someone sues you or if an employee gets
injured on the job.
Do you pay an insurance premium that makes sense? Commercial
property insurance can be expensive if you don't shop around for the best
coverage at the right price — but with QuoteWizard's free online quote tool,
getting started is simple and fast.
Conclusion
Commercial property insurance is a great investment for your
business. By being proactive, you can protect your assets from so many
different types of risk. This will not only provide you with peace of mind -
but it will set you up to succeed financially in the long run.
So, don't put commercial property insurance off any longer. Contact
us today to find out more and get a quote for a business insurance policy that
will protect your business, your livelihood, and your peace of mind.
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