All types of property are vulnerable to perils like fire, theft, and natural disasters. However, owners of commercial property are at a higher risk, as their financial exposure could be extremely high without the right kind of insurance protection.
This is why different businesses, including manufacturers, service-oriented businesses, retailers, and not-for-profit organizations, carry some form of commercial property insurance.
Benefits of Commercial Property Insurance
Commercial property insurance is designed to protect property and equipment from the risk of untoward events, such as theft, accidental damage, data breaches, and natural disasters.
Commercial property insurance, or business property insurance, covers physical assets and properties you use for running your business. It protects them from damage, loss, and theft.
The kind of property typically covered by commercial property insurance includes:
Determining the Cost of Commercial Property Insurance
Various types of equipment and properties may be covered by commercial property insurance.
However, several factors are studied to calculate the cost of commercial property insurance.
The value of the business assets, including the building, is a major consideration in determining the cost. Other factors in play include:
Who Needs Commercial Property Insurance?
Most business owners may need some form of commercial property insurance. If any of the following applies to your business, it’s highly likely you’ll want to invest in this type of insurance:
Even home-based and online business owners should look into getting some protection from commercial property insurance, as it can typically cover electronic data that can be tampered with, stolen, or lost. They can also get coverage for the computers and other electronic equipment they use to run their business.
Commercial Property Insurance Coverage
In general, commercial property insurance policies protect businesses from the following losses:
Although this kind of coverage may seem inadequate, we can discuss how the above scenarios actually encompass many aspects of business that require protection.
We can even propose additional coverage that might be worth considering depending on your business requirements.
So, give us a call today at 818-248-4500.