Whether you own or lease a building, buying business property insurance is essential for all. You might have been asked to purchase commercial property coverage as part of your lease. Whatever your motivation for getting a quote for commercial property insurance, we will explain everything you need to know before you choose the best coverage for your company.
Business property insurance provides coverage for the physical building that you own or lease, along with any personal company property, such as equipment, tools, inventory, and furniture. Some of a company’s most valuable assets are covered, and in most cases, a commercial property insurance policy can also be tailored to provide business income protection too. This means that should your business operations become suspended due to a covered event; you will receive a payout based on your previously recorded profits.
Here’s a quick list of what a business property insurance policy could cover.
When you get a quote for business property insurance, you will need to check the specific coverage levels, inclusions, and exclusions; this is because many commercial insurance companies will offer slightly different terms for these types of policies.
If you own a commercial property, conduct business from your own property, or lease business premises, then you’re going to need to buy business property insurance. Along with purchase commercial general liability coverage, business property insurance is a fundamental type of commercial insurance.
Yes. If you own or lease a property, you will still need to buy commercial property insurance. Some landlords will insist on this as part of your lease terms. It also protects the company property that is contained within the building; as such, it offers essential coverage for some of your most valuable company assets.
As we’ve already mentioned, different business property insurance policies will each contain their own exclusions and inclusions; as such, it’s essential to check and verify exactly what your policy will and will not cover. Here are a few examples of what some of those add-ons are for.
The cost of business property insurance can vary depending on the location of your building, the specific type of industry and business you operate, any exposure you might faze to hazards, and also how protected the building is against fire, for instance.
When you buy a business property insurance policy, if you combine this with general liability coverage into a business owner's policy, you will get a lower cost compared with buying them individually.
Get a Quote for Commercial Building Insurance
If you want to find out the cost of getting business property insurance, talking with a highly rated commercial insurance agent is often the quickest way to get a comprehensive quotation from an industry expert. They can usually answer any questions you might have on the phone, while also being able to guide you on the different types and levels of coverage you need to consider.