Commercial Property Insurance
Understanding Commercial Property Insurance
Accidents happen, and when they affect your business property, the consequences can be significant. Commercial property insurance is a crucial type of coverage that shields small business owners from financial losses due to various perils. Here’s what you need to know:
What Is Commercial Property Insurance?
- Definition: Commercial property insurance is a specialized business insurance policy that provides coverage for losses resulting from specific events. These events, known as covered perils, include storms, fires, vandalism, theft, electrical surges, building collapses, and certain water-related damages.
- Importance: Without this insurance, small business owners would be left to pay for necessary repairs out of their own pockets.
Who Needs Commercial Property Insurance?
- Landlords and Tenants: Landlords often require tenants to provide proof of commercial property insurance. Additionally, lenders may mandate this coverage during the mortgage period to protect against financial losses after a damaging event.
- Crucial for All Businesses: Even if it’s not mandatory, obtaining commercial property insurance is essential. It safeguards your company’s finances from the impact of unexpected damage.
Coverage Details
- Physical Location: Commercial property insurance covers your company’s physical premises, including the building itself.
- Other Assets: It extends to other valuable assets such as office equipment, inventory, fixtures, furniture, and supplies.
- Business-Owned Buildings: If you own the building where your business operates, this insurance helps pay for repairs or replacements.
Additional Considerations
- Customization: Worried about coverage limits or specific risks? Talk to one of our insurance agents about riders or additional policies that can tailor protection to your business needs.
How to Obtain Commercial Property Insurance
- Go Workers Comp: We’re here to assist you in securing a commercial property insurance policy that meets your lender or landlord’s requirements while providing essential coverage for your business. Contact us today to get started!