Commercial Property Insurance

Given the volatile times we're living in, it's no surprise that several organizations are struggling with stolen or damaged goods and extensive property damage. That's why business owners need to consider investing in business property insurance. Big or small, your organization would be better off having proper commercial property insurance coverage to protect what you own.

What is commercial property insurance?

Commercial property insurance (also called business property insurance or commercial real estate insurance) is a fundamental type of coverage that every business must have in its insurance portfolio. It protects organizational assets by paying for the repair or maintenance costs if your property is exposed to fire, theft, vandalism, and other covered losses.

What are some significant property risks?

With commercial or business property insurance, you can access financial protection against losses caused by incidents such as:

• Fire damage - Accidental fires are a real concern. They can damage hardware, stock, and computers and put a hold on operations. Electric wiring, HVAC systems, and even cooking facilities are all potential fire hazards that need regular checking.
• Break-ins - With a struggling economy, people tend to become a little more desperate and turn to theft to make a few extra bucks from stolen data or inventory.
• Vandalism - When civil unrest is in full swing, riots can occur. Mobs and protestors can take out their frustration on anything in their path, including your storefront. Property insurance can cover the losses caused by attempts to vandalize, deface, or damage company property.

Commercial property insurance can also replace any lost business income due to a covered peril or named risk.

What's not covered by business property insurance?

While your commercial property insurance policy can take care of the larger threats, there are a few losses that it won't cover:

• Third-party property damage occurring within your premises
• Damage caused by your company to items or property belonging to clients, vendors, or other third-parties
• Intentional damage caused by you or your staff
• Damages caused by floods

You can buy other types of commercial insurance to cover risks like these.

How to buy commercial property insurance

While it's possible to buy business property coverage as a standalone policy, many small businesses choose to bundle it with other insurance coverages. The most popular choice is the Business Owner's Policy (BOP), which combines commercial property insurance, general liability insurance, and business income insurance. Whether you choose a commercial property insurance policy on its own or as a bundle with other essential coverages depends on your company's insurance needs.

Ready for a Quotation?

Carriage Trade Insurance Agency will help you identify your organization's unique needs and assist you in buying the right kind of commercial property insurance coverage. We make it our business to figure out a comprehensive insurance plan that will have your back when push comes to shove. We work with several leading insurers to offer you a wide range of cost-effective insurance products, fast service, and expert knowledge.

Find out how we can help you protect your organization with commercial property insurance.