Between smartphones, laptops, equipment, tools, inventory and the buildings they’re housed in, your business relies on a wealth of tangible assets. Unfortunately, regardless of meticulous planning and diligent preparations, such property could easily be damaged or even completely destroyed by various perils and hazards on any given day. That’s why it’s essential to understand and retain the right commercial property insurance.

What Is Commercial Property Insurance?

 

As an integral part of most businesses’ loss control measures, commercial property insurance can establish stout financial protection for many types of physical property. Like many insurance products, these policies establish a binding agreement between your company and its carrier. After making various coverage selections, you agree to pay premiums to maintain your policy. This secures you the right to file a claim for financial assistance following covered incidents up to your coverage limits and minus your deductible.

What Does a Policy Cover?

 

The versatility of these policies can often be customized to suit your unique circumstances, but standard versions typically include many common perils, such as fires, lightning, theft and vandalism. Additionally, your business may be able to augment its coverage with endorsements for additional incidents, such as earthquakes and floods.

After deciding on the details of your policy, your business may be able to file claims for financial assistance in response to covered incidents that cause losses or damages involving the following types of property:

• Structures

• Furniture

• Electronic devices

• Tools

• Equipment

• Inventory

• Signage

• Landscaping

Is This Type of Coverage Required?

 

There are typically no laws regarding this type of insurance, but your business may be mandated to carry coverage by other parties. For example, many landlords may require those renting their space to have a policy. Similarly, mortgage lenders could require you to carry certain levels of coverage as long as your loan remains outstanding.

Get the Right Coverage

Contact Choice One Network today to learn more.