What is Commercial Property Insurance?
Do You Need Commercial Property Insurance?
What Is Covered By Your Commercial Property Insurance Policy?
- Revenue loss
- Damage to buildings and personal property as a result of a covered loss.
- All forms of physical/tangible business assets
However, commercial property insurance doesn’t cover
- Commercial vehicles
- Damage/destruction caused either intentionally or unintentionally by employee/employer
- Property that wasn’t purchased for business use
- Employee wages
- Amounts that exceed the agreed value of the insured property
- Personal assets
How Much Does Commercial Property Insurance Cost?
Tips to Get Affordable Commercial Property Insurance
The following tips can help you avail of an affordable commercial property insurance
Reduce your risks
You can get affordable commercial property insurance if you reduce your risks by doing any of the following:
- Set up a security camera and burglar system within your premises
- Update your electrical, plumbing and roofing systems to reduce the risk of fire damage
- Install shatterproof glasses and deadbolt locks
- Maintain the property in excellent condition
Combine different insurance policies and shop for the best offer
Another tip that would come in handy is to combine your commercial property insurance with an existing policy to get the best discounts. You can also shop for insurance companies and compare their rates to get affordable commercial property insurance.