Commercial Property Insurance

As a business, you likely rely on physical property to maintain daily operations. Accidents that cause property damage can significantly impact your ability to maintain productivity and pursue goals. Furthermore, repairing or replacing company property can have costly consequences for your finances and future. Fortunately, a commercial property insurance policy can help. 

What Is Commercial Property Insurance? 

Commercial property insurance, also known as business property insurance, is a type of coverage that focuses on protecting property your company needs to function. A standard commercial property insurance policy can provide financial assistance in response to many common perils, such as the following: 

• Fire
• Lightning
• Explosions
• Wind
• Theft
• Burglary
• Vandalism 

Although your business may have unique insurance needs, this type of coverage can financially protect many common types of property used by various organizations. In most cases, your policy can help pay for damages involving the following: 

• Buildings
• Equipment
• Computers
• Tools
• Inventory
• Important documents
• Furniture
• Signage
• Fences
• Landscaping  

How Much Does Commercial Property Insurance Cost? 

Like most types of insurance, the cost of sufficient commercial property coverage may vary significantly even from other businesses that seem similar to yours. Before providing your company with an accurate quote for adequate coverage, insurance companies can generally be expected to consider the following criteria: 

• Industry
• Building details (e.g., age, construction materials used)
• Location
• Fire and theft protection (e.g., sprinkler systems, security systems)
• Property value
• Policy details (e.g., elected coverages, policy limits, deductibles) 

Is Commercial Property Insurance Required? 

Although commercial property insurance is generally not required by law, many landlords may require your business to maintain coverage. Similarly, if your company takes out a mortgage, your lender will likely require you to carry a commercial property policy. Even for those not mandated to have this type of coverage, commercial property insurance is strongly advised to ensure your business can recover financially from covered perils. It should also be noted that if you operate your company from your home or another residential property, homeowners insurance policies cannot generally be relied on to cover business-related losses. 

Get the Right Coverage 

With decades of experience serving individuals, families and businesses in the Memphis and Jackson areas, the insurance experts at All Things Comp are well-equipped to assess and address your coverage needs. We will work with you to help you understand your options and craft optimal policies. Contact us today to get started.