Commercial property insurance is designed to protect commercial property from specific perils such as fire, theft, and natural disaster. A wide variety of businesses greatly benefit from carrying commercial property insurance. Typically, it can be bundled together with your other policies, like commercial general liability insurance. Don’t jeopardize your business’s wellbeing. Securing commercial property insurance will give you the peace of mind to focus on daily operations.
Understanding Commercial Property Insurance
The coverage is crucial for companies that use expensive equipment, for instance, those in the manufacturing industry. Commercial property insurance offers similar coverage as property insurance for consumers does. It is important to note that this coverage does not usually pay for losses associated with tenants on the premises. To figure out how much coverage your business needs, you simply have to know the value of the business’s total assets, including the entire structure itself, as this will be the main factor used. It is helpful to take an inventory of physical assets on the property. Share this information with your insurance agent so they can help determine what the replacement value would be and what coverage your specific business needs to be properly protected.
Your risk will be dependent on many factors, such as the location of your building. You will want a higher level of coverage if your property is located in or near geographies that have weather-related catastrophe risk. Is your property located near regions prone to wildfires, earthquakes, etc.? Commercial property insurance will cover the damages from these instances, you just have to make sure that your policy limits match your assets and risk exposures accordingly.
Factors Considered in a Commercial Property Insurance
Let’s take a look at all the factors that could impact your commercial insurance needs.
Location
How protected is your city from perils such as fire and other hazards?
Construction
What materials are your building made of? Some materials are more prone to fire and earthquake damage.
Occupancy
What is your building used for? This will affect its safety ratings, as hazard risks will fluctuate.
Fire and theft protection
Where are the nearest fire hydrant and fire station in proximity to your property? Are you equipped with a fire alarm, sprinkler system, or security system?
Other Considerations
Commercial property insurance can cover you in a wide variety of scenarios, whether it is to pay out claim damages if a fire destroys your office equipment, needed in the event of a theft, or natural disaster strikes. Main areas to consider insuring include:
- The structure of your business property itself
- Any equipment such as computers, phone systems, and furniture
- All essential company documents and records
- Manufacturing or processing equipment
- Inventory stock
- The landscaping (including fencing)
- Signs and satellite dishes
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.