Commercial property insurance is one of the most common types of business insurance. Because you’ve worked hard to create your business, you want to protect it. A basic commercial property insurance policy may be all you need although the types of coverage can vary between different insurance companies. At Greg Thomas Insurance Agency, Inc., we are an independent insurance agency and work hard to give your business the protection it deserves.
The first place to start is determining the range of coverage that fully protects your business from losses. It’s best to get your property fully appraised before working with an agent; this helps you determine more accurately your replacement cost needs. Are you aware commercial property insurance can protect against loss or your property, buildings, equipment, tools, product inventory and even electronic data transfer processing.
Commercial Property Insurance Protects Against:
- Natural Disasters
- Other Man-Made Damages
When deciding on commercial property insurance it is also important to know what is excluded in your coverage. Exclusions can Include:
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs?
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered.
Business Personal Property Coverage
Business personal property insurance covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.
Electronic Data Processing (Computers)
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Getting the type of protection that is right for your business and at the best possible price is what out team of trained associates do every day. For the best combination of commercial property insurance coverage, value, and price, complete our online request form. For the fastest service please call any of our 4 convenient SWFL area locations today!