If you’re a homeowner, then you probably have a homeowner’s insurance policy that safeguards your home and belongings against disaster and damage. Commercial property insurance coverage has the same function – but for businesses.
Breaking Down Commercial Property Insurance
Business owners can purchase commercial property insurance to protect their business assets in case of accidents or natural disasters. For the premium that you pay, the insurance company provides coverage for losses sustained from the perils under your policy; the most common of which are fire, theft, and natural forces.
Property insurance for businesses is available to a variety of ventures. Companies in the manufacturing, retail, and service industries – even non-profit organizations – can carry commercial property insurance.
What Commercial Property Insurance Covers
Basic commercial property insurance policies typically cover losses such as:
- Accidental damage to property caused by external incidents
- Natural disasters, specifically fire and storms
- Data hacks
- Personal items lost in business premises
Note that flood and earthquake damages are commonly excluded from commercial property insurance policies, whether they are on named perils and open perils basis. Theft and dishonest acts by employees are not included in coverage as well.
Your Business Needs Property Insurance
You need property insurance if your company:
- Owns a commercial building
- Rents a commercial office space
- Posses valuable property (machinery, equipment, tools, and computers)
- Keeps an extensive inventory
- Handles other people’s properties
Does your business fit into any of the mentioned categories? Then, purchasing commercial property insurance would be a worthy investment.
Bennett and Porter have been offering insurance coverages for personal, residential, and commercial purposes for many years now. Our team of insurance experts can help you work out the right property insurance coverage for your business, so you’re appropriately covered.
For more information on the services that we offer, contact us today!