Commercial property insurance protects the assets within your business. Your business insurance policy will usually give your assets ample protection. If you lease your business's space, there are a few things to consider about what to insure.
Protecting the Property
Most commercial property insurance plans provide coverage for the actual structure of the property. In this situation, it will likely provide coverage based on your specific requirements. For example, if you are responsible for insuring the space, your insurance agent can help you secure customized coverage. This m
ay include coverage for any interior and exterior spaces your business operates within.
Protecting Your Business Equipment
Your commercial property insurance also needs to protect any equipment in your location. In a restaurant, this might include items such as your cooking equipment and freezers. Equipment is usually any valuable asset necessary to the operation of your business. Equipment ranges in type and value. Be sure to choose a property insurance plan that offers ample coverage. It should be enough coverage to allow you to repair or replace the equipment if it is damaged by a covered event.
Protecting Your Business Electronics
Your company's electronics and systems are crucial in ensuring operational efficiency. Having ample insurance is necessary to protect these assets. Your commercial property insurance plan will likely do so. However, the coverage needs to be enough to cover the actual value of replacing these items if you have to do so.
Protecting Your Company's Inventory
Some companies routinely carry inventory. These are items used to make the products you sell. They can also be the stock you sell directly to your customers. Most property insurance provides inventory protection up to a certain level. Be sure to maintain an accurate record of what you own and what is on hand. This will help if you have to file a claim.
Commercial property insurance should be comprehensive. It needs to meet your specific financial needs. It also needs to match the value of what you own. Work with your trusted insurance agent to help you customize your plan to match the type of business you have. They can also help you minimize loses in situations where a covered event—such as a fire, theft, or vandalism—occurs.
Do you need commercial property insurance? Call us today for more information.