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Commercial Property Insurance Information
You never know when a disaster might strike and damage your business. If it does, it could affect your ability to keep the doors open.
Commercial property insurance can help in such situations. Bruening Insurance offers several options to help businesses protect their property. We can cover offices, retail centers, apartments, churches and many other types of business property.
What Is Commercial Property Insurance?
Think about your business. You probably have expensive assets and equipment. These might include inventory, computer systems or even the buildings your company is housed in. What would happen if a fire, storm or theft damaged your operations? Could you afford to rebuild?
Look to your business insurance policy in this situation. Commercial property coverage can help businesses replace or repair damaged property. Different elements of coverage can help business owners. These may include:
- Building Coverage: This coverage can help building owners repair or replace damaged or destroyed structures. Keep in mind, this coverage may only apply to owned buildings, not rented spaces.
- Contents Insurance: If you need to replace possessions, this coverage may help cover the costs. Make sure your coverage addresses any specialty items your business possesses.
- Equipment Breakdown Coverage: Should your equipment malfunction, it can interrupt operations. This could lead to lost profits. Breakdown coverage can help cover repairs to expensive items. It may also cover lost income associated with the damage.
- Lost Income: Disasters will likely impact your ability to operate your business. You might have to temporarily close your doors. Nonetheless, you may still have fixed costs that you’ll have to pay, such as utilities. Lost income coverage can help you pay the bills even if you don’t have the ability to make money due to the closure.
- Flood Coverage: Most standard building or contents insurance policies exclude flooding, except in limited cases. If your business is in flood prone area, consider this coverage. It can help you cover damage should a flood occur.
Never underestimate the value of commercial property insurance. It can help you cover costs if your business property is damaged. If you don’t have this coverage, you might not be able to continue your operations after one of these incidents.
Approximately a quarter of businesses shut down within a year of a disaster or theft. But, with the correct attention to your insurance needs, you can reduce this risk.
Get Started Today!
If your business is based in Florida, Bruening Insurance can help you get the commercial property coverage you need. As an independent agency, we can compare policy offerings from multiple insurers. That way, we can help you find comprehensive coverage while keeping your rates affordable.
Contact us today with any questions or concerns or to start the process of finding coverage for your business.
Common Commercial Property Insurance Questions:
If your home burned down, you would use the dwelling and possessions coverage within your home insurance policy to pay for repairs and replacement items. Commercial property insurance is essentially the same, except it applies to your business’s property. When unexpected, unavoidable problems damage your workplace, appropriately tailored benefits will help you with the recovery process.
Every business owns property, and that property represents monetary value. Property damage impacts your ability to operate and turn a profit. This creates a high risk of financial insecurity, so you need to be able to rebuild your operation as effectively and efficiently as possible. Commercial property insurance provides the money to help you do so, thus limiting your financial liability in the face of unforeseen losses.
Property belonging to your business that is insurable under commercial property insurance includes:
Stock & inventory
However, policies only cover property damaged in covered perils, which usually includeunforeseeable acts like fires, severe weather (e.g., hail and lightning), break-ins, vandalism or similar incidents. Accidental or intentional damage, along with flood damage, are not covered. Commercial flood insurance is available as a separate coverage.
Making your property insurance specific to you requires attention to detail, and youoften need to supplement your benefits with more expansive coverage, such as:
Scheduled Commercial Property Insurance: You will insure different pieces of property under separate policy limits.
Inland Marine Insurance: This covers items when you are transporting company property or third-party property away from your main location (such as to a work site).
Bailee’s Customer Coverage: When a customer leaves their belongings in your care, they could be damaged in a covered peril. This coverage will pay for the losses.
Business Income Coverage: When your property sustains damage, you could face a halt in operations or loss of income as a result. This benefit can help you recover the lost money.
If you do damage to third-party property, then you will cover this property damage under your general liability insurance.
Multiple factors can influence the cost of your property coverage, including:
We are committed to making commercial insurance benefits affordable for every business owner, no matter what their budgetary objectives. Call us today to learn more about your coverage options.