If you own a commercial property and/or own a small business, you need commercial property insurance to protect your business from unexpected property damage and loss. Many states in the United States require that a commercial property owner carry a minimum amount of insurance, but depending on the risks your business face, you may want more coverage. The process of getting this type of insurance is like getting any other insurance, but commercial property policies can be considerably more complicated than the basic policies that cover personal property.
What is commercial property insurance?
Florida Commercial Property Insurance protects your business’s physical assets from loss, damage, theft, fire, and explosions. In a business owner’s policy, property insurance is often coupled with liability insurance, but they can be sold separately. Your small business’s assets, such as real estate, inventory, equipment, and everything else your company own isn’t just an important part of your business; it is your business.
It would be impossible to run your business without this property. That is why it is significant for your business to have insurance. Commercial property insurance, in particular, make sure your business stays open if the unexpected happens.
What does commercial property insurance cover?
Firstly, commercial property insurance covers the physical structure of your business. If you own the space, you can select a policy that covers the entire building. If you rent, you might look for a policy that only covers your space. The insurance also covers your personal business property; this coverage provides protection for inventory, furniture, equipment, and supplies. Sometimes, the insurance also covers the property that is not located in your primary place of business.
Most times, insurance doesn’t cover certain events such as acquisition, merger, or significant workforce reduction. They typically don’t cover intentional criminal acts, flood and earthquake damage, movable property either.
Who needs commercial property insurance?
Every business owner who leases or own real estate needs to have commercial property insurance. Depending on the insurance carrier and the business, you may need to add coverage with endorsement or separate rider. Also, any property that has equity or mortgage will need commercial property insurance.
Commercial Property Insurance Costs
Determining how much you will pay for commercial property insurance mostly depends on the value of your company’s assets. Some of the factors that can determine this include the building, location, type of construction, and fire and theft protection. Also, there are options available to keep your costs manageable. For instance, you can opt for a Business Owner’s Policy (BOP), which is designed for low-risk, small businesses. The BOP combines general liability and commercial property insurance into a single package at a reduced rate.
Shopping for Florida commercial property insurance?
If you own a commercial property and operate your business in Florida, contact Moran Insurance & Financial Solutions today to learn more about Florida Commercial Property Insurance. One of our dedicated consultants will be happy to answer your questions, provide you with detailed coverage evaluation, and offer you a free quote right now.Florida Commercial Property Insurance
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