Commercial property insurance makes sure that unicorn, your dream, your passion does not end if there is a mishap. Every business starts somewhere, Jeff Bezos worked out of a 150sq. feet office, EBAY was started so Pierre Omidyar could sell his wife’s doll collection. With prudent planning and adequate insurance a dream can survive and then thrive.
Any commercial property is covered by Commercial property insurance Perils such as fire, theft, and natural disaster are covered by Commercial property insurance. Commercial property insurance is carried by businesses, including retailers, manufacturers, service-oriented companies, and not-for-profit organizations. It is generally bundled together with other forms of insurance, such as commercial general liability insurance.
Business interruption should also be a part of commercial property insurance. A good policy should be designed to reflect this, or you can find you are not appropriately covered.
Assets essential to your business are protected by Commercial property insurance and carriers’ customized policies to meet your specific needs. Losing a property to fires, theft, weather events, or simple accidents for a small business can impact you and your family’s livelihood.
A business’s risk management strategy should include Commercial property insurance, which reimburses you for lost or damaged equipment, inventory, and other property, regardless of industry.
Any damage to business equipment and property without commercial property insurance, you are responsible for paying for out of your own pocket. In a worst-case scenario, like a massive fire, this could put you out of business without insurance as a financial backup.
The cost of commercial property insurance mainly depends on the value of the business property, equipment, and other assets. Someone working from home and insuring a home office would pay far less premium in commercial property insurance with its own office building. Still, both have a business property that could be protected with a commercial property insurance policy.
Insurance companies consider some other factors when pricing commercial property insurance policies. They are:
Your business location. Is it prone to wind or rainstorms? Severe weather can damage a property.
The construction of the building. Is the building made with fireproof, weatherproof construction materials? Is the electrical and plumbing current?
Industry. A Tax or financial planning office will likely carry far less risk than a bakery or kitchen.
Protection against fire and theft. Proximity to the nearest fire station? What kind of sprinkler system or fire alarm system is in place? What type of CCTV or security system is on-site to thwart thieves?
The median cost of a commercial property insurance policy is $63 per month or $756 a year.
You can get commercial property insurance coverage if you rent your office space and/or your office equipment; you don’t need to be a property owner.
Commercial property insurance requires a capable agent who understands the nuances of building, what is covered and what is not; the equipment, furniture, fixtures, etc., need to be evaluated and put in forms so that you get maximum benefit, in case of any unfortunate event.
It makes sense to talk to a CompareAquote.com agent to help you protect your commercial property, so the dream stays alive.
Additional discounts and savings for bundling your home and auto. I can not promise a number.
Additional discounts and savings for bundling you home and auto. I can not promise a number.