Every business needs commercial property insurance – even the ones that don’t own any buildings or land. Your company’s property is much more than a building. It’s all of the physical assets your company owns. Having the right commercial property insurance could save your business from a significant financial loss. If you’re a business owner, learn more about what a commercial property insurance policy covers and how to choose the best one for your company.
What Is Commercial Property Insurance?
Many people think that commercial property insurance only covers the physical space that your business operates out of. But that isn’t the case. Even if you don’t own a building or lease your workspace, commercial property insurance will protect your business’s physical assets no matter where they are.
Commercial property insurance aims to protect your company’s physical property in the case of unforeseen events such as damage, theft, or vandalism.
What Does Commercial Property Insurance Cover?
Any small business must protect itself by investing in a solid commercial property insurance plan. Here are some of the most important assets that commercial property insurance covers.
- Your building
- Your outdoor sign
- Your furniture and equipment
- Your inventory
- Your fence and landscaping
- Other’s property
- Tenants Betterments and IMprovements (i.e. improvements you’ve made to a space you rent)
What Is Not Covered Under Commercial Property Insurance?
While business property insurance will provide protection for your company property in the case of fires, vandalism, theft, or other unforeseen damage, there are some occasions where the insurance will not cover you. These exclusions are typical of most commercial property insurance plans.
- General Wear and Tear
- Equipment Failure
- Commerical Auto Accidents
- Mobile Equipment (such as forklifts)
- Property Off Premises
While regular business property insurance does not cover the above exclusions, you can often purchase additional coverage for specific occurrences.
What Makes Insuring A Commercial Property Different Compared To A Residential Property?
The most significant difference between residential and commercial property insurance is that residential policies only cover a singular property. Meanwhile, business property insurance can cover multiple locations. Additionally, commercial property insurance allows business owners to purchase other specialized coverage and can be adjusted to include coverage for meeting building codes, replacing employee or customer property, or valuable records.
Insure Your Commercial Property Now
Purchasing commercial property insurance for your business should be at the top of your to-do list. By protecting your company’s physical assets, you’re protecting its value and investing in the safety of your business. An independent insurance agent is the best choice to find a commercial property insurance plan tailored to your company’s needs. Independent agents work in your best interest and serve as trusted advisors – not quote machines – to help you find the best insurance for your business needs.
At TruView Insurance, our independent insurance agents have a proven track record of helping small business owners in Arizona find insurance. We work with our customers to tailor insurance options to their budgets and coverage needs. If you’re ready to purchase a commercial property insurance plan for your business, call our office to speak to a professional insurance provider today.