Small and large businesses alike have much to handle every day however emergencies can arise, taking daily operation off course. This is why it’s important for companies to have commercial property insurance to protect the structure of their work base.
Commercial property coverage offers financial protection from:
Items insured include the building structure, work supplies, inventory and building attachments. For example, a fire may break out at a used tire shop, destroying inventory. The business owners can be financially compensated with replacement cost of supplies, and they can also receive lost income compensation.
Typically, auto accidents in company vehicles are covered by commercial auto insurance instead of commercial property insurance. Flood damage is not secured under standard commercial property insurance coverage, instead, a separate policy for flood coverage would need to be purchased to cover water damages.
On average, commercial property insurance is about $800 a year. Business location, materials used for construction, industry type and more can affect policy cost.
Having commercial insurance is essential for company owners to protect their business. Business owners who have an office space, storage units, inventory or office supplies may need insurance to financially protect themselves from perils.
As a business owner, expenses can seem to come from everywhere, however, investing in commercial property insurance is well worth the cost as it provides financial security for your company.