Commercial Property Information
The Basics of Commercial Property Insurance
Commercial Property Insurance protects the stuff your business needs to run. It can pay to repair or replace your business property if it’s stolen, damaged, or destroyed in a fire or natural disaster. Most property polices will cover things like:
- Office space owned by your business
Why is Commercial Property Insurance Important?
Having adequate property coverage is essential for every business. Since companies rely so heavily on their office space, equipment, and tools to run effectively, having proper insurance in place for these items is critical. You might want to consider this coverage if you…
- Own a commercial office or building.
- Rent a commercial office or storage space.
- Have valuable property, such as computers, phone systems, furniture, equipment, or specialized tools.
- Have property you rely on to run your business.
- Hold inventory.
Worth noting: many commercial landlords require their tenants to have some Commercial Property coverage. Usually, they want you to purchase a policy that covers only your contents in the leased space. Read your lease carefully to check for potential insurance requirements.
What to Discuss With Your Agent
Before buying Commercial Property Insurance, be prepared to discuss the following with your independent insurance agent:
- The type of business you operate, and the specific risks that are present in your industry.
- Do you rent or own the building that houses your business?
- The office equipment that you own or lease including computers, phone systems, furniture.
- Manufacturing or processing equipment that you own.
- Tools and equipment that you own.
- Inventory kept in stock.
- Fences and landscaping.
- Signs and satellite dishes.
- The insurance provider’s reputation for customer service and ability to pay claims.
- The responsiveness of the Insurance Agency staff when it comes to generating certificates, processing policy changes, and managing claims.