INSURANCE
Commercial Property Insurance
Also referred to as business property insurance, this policy protects your companies assets from certain unforeseen events like fires, vandalism, explosions, theft, and burst pipes. The insurance covers computers, furniture, equipment, inventory, landscaping, and fence. In addition to that, it insures vital documents, exterior signs, buildings, and farmland.
Who is it for?
Commercial property insurance is for business people who own a building, lease it, or work from their homes. It helps them in case of damages or disasters that come without warning. For this reason, if you have a valid license to do business, you qualify for this kind of policy.
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How it Works
There are specific factors that play significant roles in commercial property insurance. For instance, the location of your company determines the amount of coverage. Buildings in large cities and towns generally have lower insurance compared to those outside the busy areas. The primary reason is that the remote areas have little fire emergency protection.
When it comes to the building itself, the type and quality of construction matters significantly in the insurance coverage. If your building has materials that can explode, it will have much higher premiums. However, if it has fire-resistant features, it may qualify for a discount. Another vital element is the occupancy in terms of the people who reside on the premises. If it has many people, the fire rating will be negative.
If your business doesn’t have a security system, it attracts a higher insurance cover. If you have a fire extinguisher or sprinkler, the premiums will be lower.
Types
• Liability Insurance: It protects the business against lawsuits from employees who are injured at the workplace.
• Property Insurance: The insurance type harbors the company from risky events like structural collapse, ice, sleet, snow. It also covers fire.
• Theft Insurance: It protects your company in the case of theft involving money and other securities.
