Your building is a major asset of 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 for different perils. Our experienced agent can help ensure you have the business insurance you need.
The term “full value” means the cost of rebuilding from the ground up at current prices. If you have your building insured for the cost of the building or the amount you are carrying on your books, it is probably not enough coverage. You should ensure you have enough insurance to cover the real replacement costs in case your building burns to the ground or is a total loss due to a natural disaster. If your goal is to lower your premiums, this can be accomplished by choosing a higher deductible, while maintaining full value coverage.
Commercial property insurance can protect your business property from a range of perils, including fire, theft, vandalism, and natural disasters, such as windstorms. Generally, it protects commercial property in the same way that homeowners insurance protects private dwellings. However, the premiums for commercial property insurance are typically deductible as a business expense.
This type of policy should cover your:
Your policy may provide protection against loss of income in case of loss of business property. You will also want to ensure you have third-party liability coverage in case another person is injured on your property.
Several factors can impact your rates for the building coverage you need. They include:
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 ensure you have the commercial property insurance you need at the best available rates.