Tag Archive for: commercial property

All You Need to Know about Affordable Commercial Property Insurance

What is Commercial Property Insurance?

Commercial property insurance provides coverage for risks related to owning or leasing a property. It can extend to cover property losses that may result from theft, robbery, vandalism, damages/destruction, as well as the cost of repairing your buildings.

Do You Need Commercial Property Insurance?

Yes, you’re better off insuring your risks than having to bear the financial weight of damages and destruction to your property. People who operate a business with physical properties that are put to significant use should get this insurance. Also, business owners with physical assets that are important to the company’s revenue would find this insurance handy.

What Is Covered By Your Commercial Property Insurance Policy?

Typically your commercial property insurance should cover the following:

  • 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?

The average business pays between $1000-$3000 annually per one million dollars of coverage. The location of the commercial property, how long it took to build it, its worth, the worth of the items inside the property, and the presence of safety equipment, amongst others, influence your policy’s 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.

To find quality insurance for all of your business needs, contact the professionals at Chambers & Company Insurance Brokers. We are willing to assist you with all your coverage needs.

Different Types of Property Coverage for Your Business

Types of Property CoverageCommercial insurance is broad and there are many different policies. What is best for your business?

Business owners may be overwhelmed when deciding on a policy that suits their company, assets, and financial future! Fortunately, we’ve compiled a handy-dandy list that provides an overview of the coverages available to businesses.

Commercial Property Insurance: As the most common form of commercial property policy, this typically covers buildings, production machinery, office equipment, furniture, and stock. The policy is fairly flexible and can be adapted to meet the needs of your business.

Businessowners Policy: A businessowners policy is a type of package policy designed for small and medium-sized businesses, and covers commercial property and general liability coverages. It can also include business income, extra expense, and various crime coverages.

Inland Marine Insurance: Commercial property and BOP policies cover property situated at the premises described in the declarations, typically away from the businesses premises. This coverage is designed to protect movable property.

Builders Risk Insurance: This insurance covers a building in the course of construction, beginning when construction starts and ending when the project is completed so that your building is protected throughout every stage.

Crime Insurance: Including employee theft coverage, computer fraud coverage, and money and securities coverage, this policy is designed to protect against losses.

Are you ready to receive quality and all-encompassing insurance for your business in California? Don’t get dumbfounded by the different types of property coverage for your business. Contact Chambers & Company Insurance Brokers as our expert California agents know the risks of each business, and can take steps to safeguard your company.