Commercial Property Insurance is the first step of protecting your business from the unexpected loss. Your business property and equipment are essential for your business. But sadly there are many commercial properties underinsured at the time of a severe loss. If you want your business to be protected it will benefit you to know a little bit more about this topic. Here we will give you some tips for coverage, money saving and everything that will be in help regarding commercial property insurance:
Coverage
Some small business owners may think their landlord, renters or homeowner’s insurance plans will cover their business. That’s not the case at all. If you rent commercial property, the landlord’s insurance policy won’t cover your equipment, merchandize or tech. Homeowner and renter’s insurance will cover only personal property. These gaps can be covered by commercial property insurance. You can cover every piece of commercial property for potential risks such as theft and vandalism, fire, power surges or outages and many more.
When choosing coverage you may want to take time and see through every aspect. For example, you may want to skip building ordinance or law coverage, but we suggest you don’t. It can lead to a potential loss. Let’s say a fire happen and damage a part of your commercial building. Your policy will cover what’s damaged, but if you have to take down some parts that are undamaged in order to rebuild it, the undamaged part will be uncovered unless you have building ordinance or law coverage.
Also, make sure you are covered for 100% of replacement cost for the building and contents. Even if you rent the building you are still responsible for it.
Save money
One thing you may not know is that commercial property insurance is tax-deductible. So, when you consider your premiums keep in mind that it will lower your tax and of course you have to include it as a write-off.
Bundles can save you some money. For example, commercial property + flood coverage + worker’s compensation can lead to a significant discount. Ask for other discounts as well.
Don’t forget about the deductibles. If you can afford a high deductible this could lower your premiums.
Shop around and compare multiple offers from different insurance companies. You can also call us and we will make a policy that fits your needs.
Lower your risk
We have mentioned it before and will mention it again. Insurance is all about the risk. Don’t rely only on insurance. Make sure you have made all the precautions for your business. Act like you don’t have insurance at all. What we mean by this is take care of your business property and protect it properly. Install security systems, smoke detectors and sprinkler systems, maintain your electrical systems regularly to reduce the risk of fire. Everything you do to lower the risk for your commercial property will be a good investment and can save you a lot of money in a long run.
Knowledge is power and now you are empowered with the necessary info about commercial property insurance. What’s next? Simply give us a call and we will help you pick up the right commercial property insurance plan for your business.