When it comes to Business property insurance, it is something every company needs – whether you own your own building, lease from another entity or work from home. Commercial property insurance helps protect your building, its contents, as well as fixtures on the exterior, such as fencing or outdoor signage. While many businesses do operate in a building, including us, we are here to help you understand what this line of insurance is and why it is important!
A tried-and-true definition of Commercial Property Insurance:
This insurance product helps protect your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. These major perils are primary claims that are seen by businesses of all kinds. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.
Why is this important?
Every business needs protection from the unknown, including those in properties such as high rises, one or two story office buildings, or something unique like standalone kiosks. This can help minimize losses and kick in financially if there were any damage due to the above mentioned perils.
FUN FACT: We saved a Commercial Property Landlord $27,025.10 on their renewal in January!
How much does commercial property insurance cost?
There are many ways to determine how much a business may pay for commercial property insurance. This can largely depend on the value of all of your business assets, including your building.
Here are some other factors can increase of decrease risk-evaluation.
- Location.
- Is the area prone to storms and other natural disasters?
- In the state of Florida, many businesses are going to be prone to eventual hurricanes, especially in hurricane season!
- Construction. Is your building constructed to the newest building codes?
- Perhaps the construction has fireproof materials?
- How old is the building, on the opposite side of the coin, how new is the building?
- Does it have new or upgraded electrical wiring, plumbing and HVAC?
- Occupancy.
- What is your industry?
- A small office generally carries less risk than a restaurant
- Fire and theft protection.
- How far is the nearest fire hydrant and fire station to your business’ building?
- Does your business have any fire alarm and/or sprinkler system? This could be a state-of-the-art system or something dated, but it can make a difference!
- Does your business have a security system?
What does commercial property insurance cover?
Commercial property insurance covers your building, everything in it and just outside of it, including:
- Computers, televisions, electronics from professional workstations to the radio in the storage room
- Furniture, cubicle fixtures, and office equipment
- Exterior signs such as the one that lights up at night
- Fence, patio, and landscaping around the property
- Important documents and physical Inventory
- Others’ property which may be stored in the building
One great thing about Harris insurance is that we have a special page for business property insurance as well as many resources to help with this type of insurance product!
Call us at 850.244.2111 or email at service@harrisinsurance.com if you need additional insurance information
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LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
