Purchasing commercial property insurance is essential for a business owner. The policy protects all of your assets if they are stolen or damaged. Finding the right commercial property insurance policy protects your business during an emergency. To guide you through finding coverage, here’s a look at some essential points to consider.
Commercial property insurance covers your equipment, accessories, inventory, and anything else you use to operate your business. This includes your place of operation. The policy assists with potential repair and replacement costs if anything happens to your assets. Your business is covered against losses caused by natural disasters, theft, vandalism, and accidental fires.
Each landlord is different. Some may explain that you must purchase coverage before signing your lease, while others may consider it your responsibility to cover your assets.
If you’re operating a remote business, be advised that your home or renter’s insurance will not cover any damages to commercial equipment. You may try to amend your policy, but your best option is to purchase commercial property insurance. This is the easiest way to protect your assets while operating a remote business.
You may have thought about a scenario where severe weather comes through the area and damages your place of operation, leaving you unable to operate your business. While your inventory may be damaged, commercial property insurance generally does not cover your business if you are forced to shut down. You can purchase business interruption coverage, which provides lost income while your business is shut down.
Commercial property insurance does not cover any damages to commercial vehicles. If something happens, you’ll have to purchase commercial auto insurance to cover your vehicles.
Purchasing commercial property coverage is highly recommended if you are an independent contractor. The policy provides a safety net if your commercial items are stolen or damaged. You will be on the hook for covering any damage to your commercial items without coverage, which quickly becomes expensive. If you need liability insurance but are on a budget, consider purchasing a Business Owner’s Policy. BOP provides commercial property and liability coverage for one price.
Commercial property insurance covers all the physical equipment you use to operate a business. That’s different from liability insurance, which covers any mistakes on the job. Liability insurance assists with legal fees and medical costs if your business is held responsible for accidentally injuring someone or causing property damage.
Dropping coverage before the policy expires will make it difficult for you to find affordable insurance. Your next carrier will learn what happened and charge you higher premiums. Your business is also left exposed until you find another policy. This puts a lot of pressure on you to cover any losses with your finances.
Commercial property insurance covers you during difficult times. You won’t have to worry about draining your finances to cover stolen or damaged inventory. If you have any questions about your commercial insurance, contact us today and get connected with our team here at Graystone Insurance Group so we can assist you with the best.
