Whether you operate your business in a retail store, office, restaurant or other commercial space, it is important to protect your work space. Commercial Property Insurance protects your business against damages to your building space and contents resulting from fire, theft, and other types of hazards. All commercial property owners should have some level of commercial property insurance. Getting the right coverage will help you rebuild or repair damages so that you can get back to business fast.
WHAT DOES COMMERCIAL PROPERTY INSURANCE COVER?
- If you own a commercial space, commercial property insurance covers the physical structure, permanent fixtures, and permanent machinery on property, such as air units.
- If you lease a commercial space, you may be able to get commercial property insurance that just covers the contents of the business, such as their computers, non-permanent machinery and other materials.
- Commercial property insurance can cover valuable documents, materials and other items that prevent you from doing business if damaged.
- Your customers’ property may also be covered while it’s in your custody depending on your policy.
WHAT DOES COMMERCIAL PROPERTY INSURANCE COST?
This type of insurance is a major expense. The good news is that Ptarmigan Insurance agents take the time to learn all about your business and your specific needs. This enables us to work with you to provide you with quality coverage that can fit within a budget.
To minimize costs, some low-risk, small businesses will bundle Commercial Property and General Liability property into a single policy called a Business Owner’s Policy, or BOP. That will provide the business owner with a single rate, which carriers typically reduce with multiple lines of businesses. Open Perils coverage ensures protection from almost any incident like fire, wind, theft, etc. On the flip side, Named Perils Coverage will cover only the incidents that the policyholder determines are high-risk and need to be a focus. This type of coverage usually comes at a lower rate. Determining the appropriate replacement costs and value of your covered assets may also help reduce rates on the policy.
Your business is unique and there is no one-size-fits-all solution. We would love the opportunity to learn about your business and provide you with policy options that will give you the peace of mind you deserve. Just fill out the quote form to get started.