Commercial Property Insurance
Commercial Property Insurance Information
Commercial Property Insurance
Regardless of whether you own a brick-and-mortar storefront or a 100% online business, you have property of value that is worth insuring. After all, even service-oriented businesses have to use certain materials and physical assets in order to do their jobs. If something were to go long, then business might be lost and the recovery might be expensive. Still, as long as you have personalized commercial property insurance in place, you’ll be able to weather these challenges with ease.
With the help of your Keats Insurance agent, you’ll be able to craft property insurance benefits that will integrate seamlessly with your overall property insurance portfolio. We’re committed to helping every client get the coverage that is best for them under all circumstances.
Call us at (800) 871-1992 or request your free quote online now!
More About Commercial Property Insurance
What Does Commercial Property Insurance Cover?
Businesses of all kinds require some combination of equipment, machinery, materials, stock & inventory and furnishings in order to operate. They also have to operate out of a certain location, be it a warehouse, office building or home office.
Regardless of how your business is set up, and what services it provides, any loss of property could easily put you in the way of a significant financial challenge. Commercial property insurance will enable the business owner to do so. In the event of unexpected, unavoidable and costly losses involving your property, your insurance coverage can be there to help you pick up the pieces without a substantial financial loss to your operation.
Risks covered under commercial property insurance may include:
Who Needs Commercial Property Insurance?
Commercial property insurance will insure numerous commercial assets, such as:
Of course, if you own the location(s) where your business operates, then this coverage is a no-brainer. But even business owners who operate from temporary, leased or non-owned spaces still need to have appropriate property insurance in place. After all, even a mobile business has property of value in its possession, and it’s up to the business owner to insure it.
Is Commercial Property Insurance Mandatory?
There are generally no laws to insure commercial property. However, if you lease your storefront, then your property manager will often require you to carry this coverage, so that they can reduce their own liability for potential losses. Still, regardless of coverage requirements, this benefit is essential to protecting your business’s bottom line, and you’re highly advised to carry it.
How Much Commercial Property Insurance Do I Need?
You must match your property insurance to meet your needs, and this will require attention to detail when setting up your policy. Every business’ commercial property insurance needs are different depending on the property and industry as well as the size of the business.
A few things to keep in mind include:
Most buildings will be covered at their replacement cost values (RCV), which is the cost necessary to rebuild your property to the way it was before an incident occurred.
Possessions and furnishings might be covered at their actual cash values (ACV), which reflects items’ used values at the time a loss occurs. However, you can often upgrade to replacement cost value possessions coverage to insure these items.
You might need specialty policy endorsements like equipment breakdown coverage and sewer backup coverage in order to cover property against unique liabilities.
Particularly expensive or unique items might require scheduled items riders in order to be fully insured.
Additionally, if you plan to ever transport machinery, equipment or products off your property, you will need the expanded coverage provided by inland marine insurance. This benefit is designed to specifically cover items that are transported away from your primary location of business.