Worried about the business loss in case of an unwanted situation?
Commercial property insurance protects your business assets for events such as fire, theft, storms, burst pipes, and explosions. This ensures peace of mind and complete cover for damage in such situations.
Cover for other events such as floods and earthquakes are normally not covered under the policy unless you add it yourself.
Your business value and assets cast a direct impact on the cost of commercial property building insurance. When you decide to go for the best property insurance, you start to compare property insurance policies and find out the best one for your needs. Even you can get empty property insurance too.
When shopping for cheap commercial property insurance, make sure to provide complete information to get the best quotes.
Factors that Determine the Cost of Premium
The cost of your insurance premium is directly dependent upon several risk factors, such as:
- The Location: Your preferred area should be completely prone to natural disasters and should be safe enough.
- Construction Material: Your building should be constructed with the finest, fireproof material. It should also be upgraded with the latest plumbing and electrical wiring.
- Your Industry Niche: Your business type also affects the cost of the premium. There is more risk factor associated with a restaurant or repair shop, as compared to a real estate business.
- Building Security: You should also keep a check on the fire and safety system inside your office. In case if the building catches fire, is there any fire hydrant or fire station located nearby?
Content Covered Under Commercial Property Insurance
For any property owner, any damage to the building’s exterior or its contents is the worst nightmare. It is essential to get property insurance so that you don’t have to pay much if any event occurs that leads to damage.
Commercial property insurance can help to protect your property and your business from huge financial losses. Depending upon the extent of damage, below are mentioned the types of contents it offers:
- Furniture and equipment
- Important documents
- Fence and landscaping
- Exterior signs
- Others’ property
- Your building
What Are the 2 Types of Commercial Property Insurance?
Hiring a reputable property insurance agent, you are peace assured. They can help you determine the right cover for your commercial property insurance needs.
The two types of commercial property insurance include all-risk policies and peril-specific policies. The former one covers a large number of incidents, except the ones mentioned in the policy. Whereas, the latter one covers risks that are only mentioned in the policy. These might include fire, crime, theft, flood etc.
All-risk policy is normally preferred as it covers all the risks that a small company can face. In an area of high-risk factor, a commercial property insurance holder would prefer purchasing a peril specific policy in correspondence to the specific risk factor involved.
Why to Take Commercial Property Insurance?
One must take commercial property owner insurancepositively and must be aware of its benefits to avoid any future damages. Here is all what you need to know about commercial property insurance benefits:
1. Recovering Theft, Burglary Damage
With the rising competition, the commercial world is no longer safe. Taking several safety measures, you can never be confident of your office’s security at any time of the day.
Suppose you are planning holidays and some burglars break into your office and cause damage to your office machines and assets? Can you prevent such a situation?
You might have installed CCTV cameras or locks, but cannot prevent such cases from coming. Having proper security guards can still not be a safety to your office completely. With the increasing crime rate, you need to have a surety that even if any damage occurs to your office and its contents, that would be covered.
A commercial property insurance policy works here, covering all the damages and providing financial replacement to the occurred damage to meet all the expenses.
2. Third Party Liability
Any minor mistake from your side or your employees can lead to a severe damage to a third-party and they can even sue you for this if you don’t offer any compensation. Having the right property insurance policy in hand, you can get the damages to the third party covered and compensated easily.
However, this might exclude animals, accounting bills, underground pipes and electronic data recovery.
3. Collision with Vehicles
Imagine a group of people or even animals fighting and causing damage to the outer fence of your building, or vehicles accidently colliding with your building.
This might not be easy for you to meet the damage expenses as nobody is going to take the responsibility in that case and it would be more of a blame-game! What to do?
Getting a commercial property insurance provides you with a lot of relief as it offers compensation in this case too!
4. Natural Calamities
Natural calamities can never be predicted. Imagine flood completely destroying your building. You would definitely have to meet the damage costs on your own. With a property insurance policy in hand, you can even get a complete cover for natural calamities such as flood and fire.
It’s mandatory to get a knowhow of insurance policies for any damage to your commercial property. These policies provide a complete cover for many unwanted situations and make sure all the financial losses are compensated.
You can have a look at the cover features mentioned in the chosen policy to have a better idea of the damage types catered in that policy. Before finalizing any insurance policy, always make sure you have thoroughly gone through it.For ensuring a better safety and meeting your financial losses in case of such events, getting a commercial property insurance policy is what everyone should consider. Get the best possible and cheap commercial property insurance with Ensure Compare, your go-to destination for all insurance needs!