Whether you specialize in rabbit herding, doll furniture painting, or something a little more conventional, keeping your doors open and revenue flowing is at the top of your daily to-do list. But operations can go south in a hurry if you’re hit with a worst-case or even a less-than-deal scenario.
Commercial property insurance is pretty important, especially if you don’t want your business to crumble from one tiny hiccup. Our independent agents will walk you through top options and help you find the right policy to keep your business upright.
Commercial property insurance—also called buildings insurance—is there to reimburse you for the value of your business’s stuff, like buildings, equipment, inventory, and even customers’ personal property in case it’s lost or damaged due to a number of causes.
It’s not legally required, but most lenders will want you to have it before they pass over the funds. Also, not having it means you’re responsible for replacing all your business’s stuff. So if you’re not a fan of sudden catastrophic debt, we recommend this insurance.
Commercial property insurance is like the strait-laced, dependable partner in a buddy cop movie—it has your back, so you can continue with your usual shenanigans. With it, your business (and income stream) are protected. Without it, the bad things you could be on the hook for include:
It covers the physical stuff that makes up your business, which means that coverage varies wildly depending on your business. Do you run a tasty, tasty taco stand? Then your policy would probably cover the stand itself, cash register, employee uniforms, all your taco fixings…you get the picture.
Some policies reimburse you for what it will cost to replace these items if they’re destroyed, and some will reimburse you for their actual value instead—usually a lower amount, thanks to depreciation.
Depending on your location, these types of coverage are included in most policies:
Commercial property insurance offers a giant smorgasbord of options that need to be mixed and matched to fit your business. You can also add protection a la carte for coverage that is specific to your business.
Example: Spoilage coverage reimburses you for inventory ruined in power outages or other storage-related screw-ups, perfect for businesses that work with perishable materials, like florists and said taco truck.
Depending on the blend of coverage and a number of other factors like size and location, costs can vary from a few hundred bucks to millions per year.
So a giant sawdust-factory-slash-ice-cream-shop in Tornado Alley will be looking at the higher end, while an itty-bitty tricycle repair shop in a small town with low crime will be looking at the lower end.
Independent agents will walk you through a handpicked selection of sweet commercial property policies. Not only that, they’ll cut the jargon and clarify the fine print, so you know exactly what you’re getting.
Most importantly, they’ll be there to help you when claim time comes. The outcome of commercial property insurance claims can be strongly impacted by how the process is approached and handled.
Our gifted agents will review your needs and help you evaluate the commercial property insurance coverage that makes the most sense. They’ll also compare policies and quotes from multiple insurance companies to make sure you have the right protection.