Commercial Property

Damage to your business’s property can have a snowball effect. What if you have to close your office due to flood damage? What if a robbery left you without the equipment you need to run your business? What if your inventory was lost in a fire? In addition to the cost of equipment replacement and building repairs, you may experience income loss due to a business interruption. Without proper insurance, the consequences of property loss could be catastrophic for your business.

What Does Commercial Property Insurance Cover?

While commercial property insurance protects your building’s structure, it can also protect your:

  • Furniture
  • Equipment and machinery
  • Supplies
  • Inventory
  • Money
  • Records and documents
  • Cargo
  • Fences and signage

How Much Property Insurance Do I Need?

Ensuring that you have enough commercial property insurance is paramount to protecting your company’s bottom line. It is important to understand the difference between replacement cost value and actual cash value. Replacement cash value is the estimated amount needed to rebuild or repair your property without taking depreciation into account. On the other hand, actual cash value is the assessed value of your property, which does take depreciation into account. The average commercial property insurance policy will compensate for the replacement value of your building and the cash value of your physical assets.

The best thing that you can do to protect yourself against the unknown is to maintain an up-to-date inventory list of all your physical assets—including your furniture, fixtures, supplies and important documents. This will help simplify the claims process should a fire, flood, or theft leave your property damaged or destroyed. Additionally, consider purchasing Business income and Extra Expenses insurance to help your business through any downtime you may face due to property loss.

Contact All Things Comp for more information about the commercial property insurance coverage you need. Call us at (731) 300-2210 or fill out the form on this page for a free quote.