The place you do business says a lot about your success. Maybe your wholesale company acquired a second warehouse. Or you might have added extra stations at your beauty salon. Whatever purpose your commercial property serves, you need to protect it from the unexpected. As a small business owner, too, we understand your challenges — and can help you understand your coverage options so you can select the coverage you want.
Damage to property Coverage
Your small business is located in California and it’s been an especially dry season. Unfortunately, California is prone to wildfires. Your business property is destroyed in the fire.
Your insurance company will cover the cost of rebuilding the property, income lost during the time period of rebuilding, and any equipment that was destroyed in t
Loss of important documents coverage
A sudden circuit failure in the night burns down a room full of important documents and past records.
Your insurance company will be paying you for the reimbursement of making the documents again.
Loss of inventory coverage
You show up at your business office to find the door ajar and broken glass everywhere. You see that all of your computers have been stolen.
If you chose replacement cost value under your property insurance, your insurance company will replace the broken window and computers.
Making risky investments coverage
Storms sweep through your area and a tornado touches down close to your small business. A tree has fallen through the side wall damaging your furniture badly.
Your insurance company will process your claim and cover the cost of repair or replacement to your commercial property.
Commercial property insurance is something every company needs – whether you own your own building, lease or work from home. One of the core coverages in commercial property insurance protects your building and its contents, as well as exterior fixtures, such as a fence or outdoor sign.
Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.
Commercial property insurance covers your building, everything in it and just outside of it, including:
Commercial Property Insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including:
Boiler and machinery insurance, sometimes referred to as “equipment breakdown” or “mechanical breakdown coverage,” provides coverage for the accidental breakdown of boilers, machinery, and equipment.
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc..
Builder’s risk insurance covers buildings while they are being constructed. For example, a Builder’s risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
Glass insurance covers broken store windows and plate glass windows.
Inland marine insurance covers property in transit and other people’s property on your premises. For example, this insurance would cover fire-damage to customers’ clothing from a fire at your dry cleaning business.
Business interruption insurance covers lost income and expenses resulting from property damage or loss..
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). Property insurance covers only the replacement value, not the upgrade.
Commercial leases often require tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Crime insurance covers property crimes such as theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
A bond company covers losses due to a bonded employee’s theft of business property and money.
No matter what size your business is or the nature of the business, accidents and losses happen. A Business faces losses because of fires, thefts, storm damage, flooding, traumatic events, and even power outages.
Because we can’t predict when or if these things will ever happen on our property, it is important to always have the right protection with complete Commercial Property Insurance.
Contact us today to know more about Commercial Property Insurance and the various options you can have.
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.