Your building is an important asset for your business. As a business owner, it makes sense to have adequate commercial property insurance to protect your investment. No two buildings are alike, and properties may have a higher risk of different hazards. Our experienced agent can help ensure you have the business insurance you need.
How much commercial property insurance is sufficient?
The term "full value" means the cost of rebuilding from scratch at current prices. If you have your building insured for the cost of the building or the amount you carry on your books, there is probably not enough coverage. You should make sure you have enough insurance to cover the actual compensation costs if your building burns to the ground or is a total loss due to a natural disaster. If your goal is to lower your premiums, you can accomplish this by choosing a higher deductible, while covering the entire value.
What does commercial property insurance cover? hazards, including fire, theft, vandalism and natural disasters, such as windstorms. In general, it protects commercial property in the same way that home insurance protects private homes. However, the premium for commercial property insurance is normally deductible as a business expense.
This type of insurance should cover your:
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- Damage to other people's property
Your policy can provide protection against loss of income in the event of loss of commercial property. You will also make sure that you have third party liability insurance if another person is injured on your property.
What factors determine business insurance rates?
Several factors can affect your prices for the building coverage you need. They include:
- Occupancy: The type of business that occupies a building can affect its fire value, commercial property insurance levels and the amount of coverage needed. For example, a restaurant has a higher risk of fire than an office building.
- Construction: If your building is built of fire-resistant materials, you can pay less for business insurance. This is something you should keep in mind if you are adding or rebuilding. The use of wooden floors, stairs or partitions can increase your prices.
- Location: If your company is in an extreme weather area, you have a higher risk of injury, which means your premiums are likely to be higher. Because cities and towns have fire protection, it can also affect your prices for a building outside the city.
- Protection: Does your company have a security system, a fire alarm and a sprinkler system? How far away is the nearest fire station and nearest fire station? These can be factors that cost a commercial property insurance.
The best way to determine if your business has adequate building coverage is to sit down with an experienced professional and discuss all the factors involved. Our friendly agent can help you get the commercial property insurance you need at the best available rates.