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Knowing the enemy is half the battle, as they say, and when securing your business against potential disasters, acquiring commercial property insurance is the other half.
Whether it’s natural disasters, costly equipment malfunctions, or technological setbacks, disaster comes in many forms. However, it’s undeniable that a number of them will inevitably impact your business in the future.
This is why it’s critical to secure your properties as much as you can. In this article, we’ll talk all about commercial property insurance. We’ll answer what commercial property insurance is, what commercial property insurance covers, and more.
What Is Commercial Property Insurance?
Commercial property insurance is a type of financial protection specifically made to protect business properties.
Even the most minimalist home-based business is guaranteed to have some sort of property to help them run the business. Computers and office equipment, vehicles to transport goods and deliver services—all of these are important business assets that will cost you dearly if they are lost or damaged.
This form of insurance is much like a homeowner’s property insurance, although it has a wider coverage and higher limits than the latter.
Who What Does Commercial Property Insurance Cover?
As mentioned, commercial property insurance provides a wide range of coverage. The properties covered usually include:
- Buildings and rentals
- Products
- Machinery, equipment, and computers
- Business profits
Various types of situations can cause you significant financial strain when dealing with these damaged or lost properties. However, not everything is covered by business property insurance. For instance, normal wear and tear is not covered, as well as damages due to faulty or poor construction.
Here are situations that are almost always covered:
- Fires
- Theft
- Vandalism
- Natural disasters
- Breakdowns
- Burst pipe
We can provide this type of tailor-fit protection to your business. Reach us today at 1-888-539-2102 to start your protection.
What Are the Types of Commercial Property Insurance?
Because there are multiple types of commercial properties and different situations that can harm them, naturally, there will also be various types of commercial property insurance.
These types of coverages include the following:
Business personal property (BPP) insurance
This is one of the most common types of commercial property insurance. It covers all the objects that aren’t part of the building’s structure, which is covered by a different type of insurance.
Building insurance
Just like a BPP, a building insurance policy covers a specific business property — this time, the physical building of your business. Whether it’s a warehouse, an office building, or a manufacturing site, building insurance will cover the cost of damage that might otherwise harm your bottom line.
Some of the situations covered include:
- Vandalism, theft
- Fires, explosions
- Natural disasters
- Burst and frozen pipes
- Vehicle collisions
It’s important to note that just like personal home insurance, some policies might not cover structural damages that are caused by neglect. One example is rotting that occurred because of a failure to repair a leaking pipe.
Business income insurance
This type of business property insurance covers the cost of any income that you might have lost because of a covered event. Business income insurance also has a list of acceptable situations for coverage, such as fires and disasters.
There are also different types of coverage, depending on your policy. Most insurance cover:
- Lost income
- Payroll
- Utility payments
- Operating expenses
It may even include extra start-up costs to help you get back up faster
Equipment breakdown insurance
Lastly, business property insurance can also cover the cost of equipment that breaks down.
If your business relies on high-value equipment, such as industrial machinery, expensive ovens, or special IT equipment, this type of policy will save you from the cost of having those equipment repaired in case they malfunction.
Commercial Property Insurance Cost
Since businesses have a wide variety of equipment, situations, and risks, this type of policy is often exceptionally crafted to cater to the particular needs of a specific business.
That’s why the cost of commercial property insurance typically depends on the appraisal of talented agents. It may also vary from state to state.
Luckily, wherever you are and whatever your business is, Magnum Insurance offers customized insurance plans best suited to your business needs.
To be better equipped for the future, you need to gear up your business against unexpected perils. Start your protection today with Magnum Insurance!
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