Every business needs to protect its assets, and one of the biggest investments that can make or mar your company’s success is your commercial property. Whether you are the owner or a leaseholder, handling property can come with plenty of risks and responsibilities that can impact your finances in more ways than one.
Accidents can happen anytime, and if something wreaks havoc on your commercial property, it’s important to have the proper insurance in place to protect you from the damages. Whether it’s from fire, storm, vandalism, theft, or other types of disasters, commercial property insurance prepares your business for these unexpected and unwelcome events.
What is Commercial Property Insurance?
Commercial property insurance protects all relevant assets—from the equipment, manufacturing devices, stock, inventory, and the building itself from several perils, except for flash floods and earthquakes. Generally, commercial property insurance covers the following items:
- Buildings
- Furniture
- Equipment
- Inventory
- Computers
- Records and papers
- Exterior signages
- Fencing
- Landscaping
- Other neighboring property
Without commercial property insurance, you risk paying for thousands of dollars worth of repair, replacement, and loss of revenue when dealing with the aftermath of a disaster. Many small to medium-sized businesses don’t have enough reserve to survive the cost of standing back up when pushing through a difficult situation.
With that in mind, taking out commercial property insurance ensures you can safeguard your business from whatever property damages may arise down the road.
What are the Factors that Influence the Commercial Property Insurance Coverage?
Different factors may impact the rates of your commercial property insurance, so if you want to customize your quote, it’s best to take the following elements into account:
- Size of the business premises
- Age and condition of the property
- Age and condition of the equipment
- Daily occupancy
- Fire protection
- Choice of coverage, which is categorized in two ways:
- Open perils include covering for anything that happens in your property, so long as the insurer did not specifically exclude the situation;
- Named perils only protect you against certain hazards noted in your policy, such as fire damage, theft, etc;
Keep in mind that commercial property insurance covers physical assets, so it differs from liability insurance, which handles damage that occurred in your property due to faulty practices, malfunctioning products, unsafe grounds maintenance, and more.
The Bottom Line: The Importance of Commercial Property Insurance
In many cases, start-ups have to call it a day as the damages are too expensive to handle out of one’s own pockets. That’s why it’s crucial to have commercial property insurance as it enables you to recover from a costly downfall, and so long as the conditions are part of your policy, you can have enough coverage to get back on track with your business.
Can Quesurance Help Me?
Insurance can be pretty intimidating for many people. With the wave of policies to choose from, one can feel overwhelmed. Fortunately, insurance agencies like Quesurance are here to help you.
Quesurance is an insurance agency that serves Hopatcong and the surrounding New Jersey communities by protecting our clients like our own family. We offer various insurance policies, such as home, auto, flood, landlord, and commercial insurance.
Learn more about how we can protect you today!
