Commercial Property Insurance Information
Business Property Insurance
Business property insurance is an important part of your protection from a variety of losses. A majority of businesses that suffer from sudden loss or catastrophe never fully recover. Such hardships include fire, storms, earthquakes, floods, theft, vandalism and more.
The future is unpredictable, but a professional insurance agent can help you manage your risks by finding the right insurance coverage. Contact an Insurance Station agent to get commercial property insurance quotes from a number of top companies.
How Business Property Insurance Can Help Your Company
The following list details how commercial property insurance can help protect you financially after a loss. Not every coverage listed below is available on every policy in every state.
• Aid in recovery after a loss: How fast your company gets back up and running can mean all the difference in its long term recovery. Minimizing downtime is critical for maintaining business continuity, retaining customer base and market share.
• Replace lost contents: Damaged or lost equipment, furnishings, material goods, supplies and product inventory need to be replaced quickly.
• Relief from lost business income and extraordinary recovery costs: During any downtime, your business may not be making any income. Even if you do make money while recovering, there may be extraordinary costs to keep your operation running. These may be covered.
• Guard against numerous threats: Whether your business suffers winter storms, fire, hail, tornadoes, water damage, or any one of a myriad other possibilities, business property insurance coverage can help keep your company afloat.
• Repair or replacement after theft or vandalism: You can minimize the disruption from thieves and vandals by repairing or replacing covered items.
Your commercial property insurance will likely not protect your business in case of earthquakes or floods. You will need to buy an additional policy for these particular catastrophes to be covered. Ask us what other kinds of coverage you may need.
Reduce Risk to Lower Commercial Property Insurance Costs
The cost of business property insurance typically depends on the degree of risk you face. Taking measures to improve safety and security of your building and operations can not only reduce risk but can potentially reduce business property insurance costs as well. Here are some tips:
• Assess your site safety: Spot potential risks on the premises, such as fire hazards and potential for chemical spills.
• Assess your site security: Look for ways to reduce the risk of breaking and entering. Installing security cameras and electronic locking mechanisms can go a long way toward enhancing security and reducing the risk of theft and vandalism.
• Assess your computer and data security: If your company uses computers as an integral part of its business, ensure you have a regular system and data backup plan. Also, store your backups offsite; some types of hardship could destroy everything in your building. Note that some business property insurance policies will cover data loss, and some business insurance companies sell data loss and data breach coverage separately.
• Reduce the risk of fire and smoke damage: Install a sprinkler system, if you don't already have one, to protect against fire. Make sure to test the system to ensure it works. Also, anticipate the potential loss after the sprinkler system going off: floors could become slippery, merchandise, files and equipment could be damaged or destroyed, for example.
• Protect against business disruption: If the health of your business depends on continuity of operation, consider getting an electrical generator that can sustain your business through a lengthy power outage.
These are only some of the possible ways to reduce risk. Your Insurance Station agent may have other suggestions. Some risk reduction steps may actually reduce your premiums, depending on the details of your policy. More importantly, risk reduction will give your business a better chance of bouncing back after a catastrophe.
Protect Your Assets with Business Property Insurance
Obtaining commercial property insurance is one of the smartest things you can do to protect your business against risk. Imagine your business suffering from events like Hurricane Katrina or a terrible building fire. Would you be able to pick up the pieces? Would you ever be able to open your doors again?
Also, consider extending your coverage with earthquake and flood insurance, as well as business interruption insurance to ensure that you are fully covered for natural and manmade business property risks.