What is Commercial Property Insurance?
Commercial property insurance provides coverage for risks related to owning or leasing a property. It can extend to cover property losses that may result from theft, robbery, vandalism, damages/destruction, as well as the cost of repairing your buildings.
Do You Need Commercial Property Insurance?
Yes, you’re better off insuring your risks than having to bear the financial weight of damages and destruction to your property. People who operate a business with physical properties that are put to significant use should get this insurance. Also, business owners with physical assets that are important to the company’s revenue would find this insurance handy.
What Is Covered By Your Commercial Property Insurance Policy?
Typically your commercial property insurance should cover the following:
- Revenue loss
- Damage to buildings and personal property as a result of a covered loss.
- All forms of physical/tangible business assets
Also read: Commercial Insurance Policies to Consider as a New Business
However, commercial property insurance doesn’t cover
- Commercial vehicles
- Damage/destruction caused either intentionally or unintentionally by employee/employer
- Property that wasn’t purchased for business use
- Employee wages
- Amounts that exceed the agreed value of the insured property
- Personal assets
How Much Does Commercial Property Insurance Cost?
The average business pays between $1000-$3000 annually per one million dollars of coverage. The location of the commercial property, how long it took to build it, its worth, the worth of the items inside the property, and the presence of safety equipment, amongst others, influence your policy’s cost.
Tips to Get Affordable Commercial Property Insurance
The following tips can help you avail of an affordable commercial property insurance
Reduce your risks
You can get affordable commercial property insurance if you reduce your risks by doing any of the following:
- Set up a security camera and burglar system within your premises
- Update your electrical, plumbing and roofing systems to reduce the risk of fire damage
- Install shatterproof glasses and deadbolt locks
- Maintain the property in excellent condition
Combine different insurance policies and shop for the best offer
Another tip that would come in handy is to combine your commercial property insurance with an existing policy to get the best discounts. You can also shop for insurance companies and compare their rates to get affordable commercial property insurance.
To find quality insurance for all of your business needs, contact the professionals at Chambers & Company Insurance Brokers. We are willing to assist you with all your coverage needs.