Trusted Insurance Advisors to Businesses Large and Small
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:
- Equipment and machinery
- Records and documents
- 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. We are proud to be a trusted advisor to businesses both large and small, to ensure they have the coverage they need when they need it. Get in touch to learn how we can help with commercial property insurance in Tennessee, and throughout the states of Oklahoma, Mississippi, Indiana, Georgia, South Carolina, Maryland, and Florida.
Beginning December 1, 2016, our agency’s new division, All Things Comp, launched with the slogan, “Soar to New Heights”. That really says it all; we want to assist you and your business soar to new heights by offering a comprehensive program in the area of Workers’ Compensation Management.
At All Things Comp, we don’t just offer abstract mod reduction strategies. We offer tangible, comprehensive support to our clients. For example, we don’t just suggest that you create an employee safety manual to cut down on workers’ compensation claims, we’ll actually help you create one.
The cost of workers’ compensation insurance is calculated based on several factors. The most important component is the experience modification factor (mod). All Things Comp is dedicated to helping you reduce workers’ compensation costs by providing a mod analysis and developing improvement strategies that yield tangible, cost-effective results.