Commercial Property Insurance
Whether you lease, rent, or own a commercial space, or even if you run your business out of your home, you need commercial property insurance. This is the most basic tool in your risk management arsenal and an essential means of protecting not only the space you work in, but your inventory and equipment as well.
The Important of Insuring Your Workspace and Business Tools
As a business owner you have made a significant investment in your office space, electronics, furnishings, and equipment. Depending on the type of business you are in, you might also have manufacturing facilities or a significant amount of inventory. Loss or damage to any of these assets would represent a devastating cost to any business.
Having the right insurance policy in place will protect all of these resources, in addition to other incidentals such as signage, exterior landscaping, and fencing – costs which add up in a hurry if you have to start again from scratch following a fire or natural disaster.
Benefits of Commercial Property Insurance
Having to slow or halt your operations for any length of time can have long-term consequences for your business, which is why it’s important to get up and running again as soon as possible following a setback. Whether the damage to your property has been relatively minor (an act of vandalism) or severe (a fire or flood), your insurance provider can guide you through the stressful process of repairing the damage as quickly as possible.
Business Interruption Coverage
A major advantage of having this type of insurance is that it normally includes business interruption coverage, which is a lifesaver if you’re in a situation where your business cannot operate for an extended period during the repair or replacement process. The right kind of property insurance policy should be able to mitigate your income loss and cover basic expenses such as payroll until your business is up and running again.
How Much Does It Cost to Insure Property?
There are several factors that can affect your insurance cost. When establishing your quote, you will be asked about the location of your business, the age of the building, and what kind of plumbing and electrical work you have. You will also be asked questions that will help to determine how high-risk your surroundings are – for example, are you in an area that is prone to forest fires or flooding?
This information will help your broker to ascertain the likelihood of you needing to make a claim, as well as what the replacement costs for both your space and its contents might be. While the cost of your premium can vary widely based on these factors, a reputable insurance agency should be able to come up with a plan that is affordable while still protecting you should a worst-case scenario occur.
Even If You Work from Home
With the rise of entrepreneurs setting up shop at home, there is a misconception that homeowner’s insurance is all that’s required to protect business property. If you have equipment or inventory, or other business resources, these will not be covered under your home policy. Be sure to read the fine print on your policy to understand exactly what is covered and not covered.
If you are looking to fortify your insurance portfolio and protect your most valuable business assets, contact us today at ISU Armac.