Business Property

Is your Commercial Personal Property insurance adequate?

Commercial (or business) property insurance is a type of insurance that covers the physical assets of a business, such as buildings, equipment, inventory, and furniture. This insurance can help protect businesses from financial losses due to property damage or loss.

“Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.

Here are some basics of business property insurance:

  1. Covered Perils: Commercial property insurance covers a variety of perils, such as fire, theft, vandalism, and natural disasters like floods and earthquakes. The specific perils covered will depend on the policy you purchase.
  2. Property Valuation: When purchasing business property insurance, it is important to determine the value of your assets. This is done by calculating the replacement cost of your property, which is the amount it would cost to replace the property if it were completely destroyed.
  3. Deductibles: Like other types of insurance, commercial property insurance has deductibles. This is the amount you must pay out of pocket before the insurance coverage kicks in.
  4. Policy Limits: Commercial property insurance policies have coverage limits, which is the maximum amount the insurance company will pay for a covered loss. It’s important to ensure that your coverage limits are adequate to cover the full value of your assets.
  5. Additional Coverage: Depending on the type of business you own, you may need additional coverage beyond a standard policy For example, if your business involves transportation, you may need inland marine insurance to cover goods in transit.
  6. Premiums: Commercial property insurance premiums are based on a variety of factors, such as the value of your assets, the location of your business, and the risks associated with your industry.

Overall, business property insurance is an important investment for any business owner who wants to protect their assets from unexpected events. It’s important to work with a reputable insurance provider to ensure that you have the right coverage for your business.

Blanchard Insurance will help you find the best coverage possible for your business!

Call us today or head over to our quotes page to get started.