COMMERCIAL PROPERTY INSURANCE
Commercial property is one of the most common types of business insurance that provides a wide range of coverage for equipment, inventory, buildings, tools etc. Typical examples of what Florida commercial property insurance covers include losses from, fire, manmade disasters, vandalism, break-in, wind and other natural disasters.
For the sake of insurance, a business property includes both the physical building in which the business resides and every other asset. Commercial building and property insurance in Florida helps to protect business owners from losses that can occur as a result of theft or physical damage to equipment or property.
In Florida, Owned or leased properties such as inventory, machinery, the actual building, artwork, furniture, equipment and supplies, signs, fences and outdoor property, valuable papers, books and documents, computers, and other data procession equipment, non-tangible items such as trademarks and copyrights, television sets DVD players, VCRs and Satellite dishes can be considered as business property.
Before purchasing any type of Florida commercial building or property insurance coverage, it is essential to periodically assess your Florida commercial property value. Should your premises be destroyed, you must ensure to keep copies of receipts for furniture, equipment and other valuable items in a safe place, while you ensure that physical photos of your location are kept in another safe location. You can store its digital pictures with a web service or on your computer.
Before you buy any property insurance, be sure to get a reputable appraiser to assess your high-value specialty items such as artwork and antiques. Most importantly, provide your agent with specific details about these specialty items so as to obtain the correct coverage because before a policy is written, these kinds of items are often covered for an agreed-upon price.
A statement specifying the limit of liability is generally included in a Florida commercial property insurance policy. The maximum amount to be paid by an insurer for a covered loss is referred to as the limit of liability. As stated by the policy, the insurer will typically bear the responsibility up to a certain limit while the policyholder will be responsible for the amounts above that limit. It is important that you understand how it works
Do not rely on your landlord to provide coverage for your commercial business property if you lease your Florida office or building. Typically, insurance will only be provided for the basic structure and common areas by the building. It is recommended that you carefully read your lease because there may be other penalties or requirements in the fine print.
To ensure that you are fully protected, you are advised to check items that are covered and those that are not. This will help you to understand the role of the insurance should something happen to your property and equipment or if you were sued to court for damages that you or one of your employees have caused.