Commercial property insurance is considered to be an essential form of coverage for busines owners – whether you have a home-based business or a standalone structure where you operate your business.

It specializes in protecting and ensuring the future of your business. When it comes to your investments, this is one of the wisest and smartest as it pertains to your company.

In this brief guide, you will learn about commercial property insurance and the many benefits it offers you and your business.

What is Commercial Property Insurance?

This type of property insurance aids in the overall protection of the physical assets of your company. Examples of common perils that are included within the coverage include fire, pipes that burst, any type of explosion, various types of storms, theft associated with your business, and vandalism.

There are two perils – flooding and earthquakes – that commonly are not included in the coverage of the insurance; however, in many instances, you can choose to have these particular perils added to your commercial property insurance policy.

Coverage Specifics

When you obtain commercial property insurance, the building where you operate your business, all that is within it, and all that is immediately outside of it is covered.

Examples of items that would qualify for coverage includes all furniture and the equipment that you use, any fencing and landscaping, the sign on the exterior of your business, documents, your inventory, and even the property of others.

Many insurance companies offer this type of insurance through a Business Owner’s Policy – also known as a “BOP” – or as a policy that stands alone.

The Cost

The amount that you will pay for the property insurance that you obtain for your business will depend upon the value of the assets associated with your business and the risks associated with your business. For example:

• Is your business in a location that is prone to certain types of storms or any type of natural disaster?
• Is the building that you operate your business in built using materials that are considered to be fireproof? Do you have special upgrades in place when it comes to the electricity and the plumbing inside of your business?
• What type of industry do you specialize in? Does it carry more or less risk than other types of industries?
• Do you have a security system in place?
• Does your business have fire alarms and sprinklers in place in case of an accidental fire?
• Is your business in close proximity to emergency services – such as fire stations and police departments?

Let Us Help If you are in the market for commercial property insurance, we here at Modica Associates can help!

We offer comprehensive coverage at the most competitive rates. It does not matter if you specialize in rental property, have an office building, shopping center, or you own and operate a warehouse or an industrial property – we have you covered!

Give us a call today and one of our licensed agents will work to ensure that you have the best commercial property insurance policy