Commercial Property Insurance can often be overlooked. But no matter what industry you’re in, your company is facing risks every single day.
That’s why we wanted to address the topic of commercial property insurance and give a detailed description of what it is and who needs it.
At Shared Alliance Insurance, it’s our passion and goal to educate business owners on the coverages their business needs. Most business owner’s don’t realize the liabilities their business possesses and the risk of unexpected events. Managing that risk cost gives you a competitive advantage, helping you protect your growing business.
Watch the video below to hear Zach highlight the most important aspects of business or commercial property insurance.
What does Property Insurance guard against?
Most usual examples is fire, robbery, and vandalism. Some specific coverages could include your:
- Property & Building
- Office Equipment, Electronic Devices, Inventory, etc.
- Business property away from premises
- Installation floater
What type of business is commercial property insurance for?
There is a long list of the types of businesses that would benefit from property insurance protection.
- Commercial Real Estate
- Contractors
- Financial Services
- Healthcare
- Manufacturers
- Restaurant and Food Service
- Religious and Cultural Organizations
- Technology Services
- Retail
- Wholesalers and Distributors
- ….and many more!
The #1 Mistake Business Owners Make
Make sure you Get the Right Coverage! It’s not all the same. You may not know what you need until you consult with an insurance agent. Depending on the industry you’re in, you may need to have specific, individual coverages to make sure you’re protected.
And since not every industry is the same and every policy is definitely not the same, the best way to know for sure that your business is fully protected in the event of a tragedy is to consult with an insurance agent.
Still have questions?
Feel free to give us a call at 864-60-9550 or shoot us an email at info@sharedalliance.com for more guidance on which coverage is right for your business.
See Transcript Here
Hey there, Zach Bartness, here was sure to wanted to insurance today to talk to you about commercial property insurance and kind of explaining what it is. So what is commercial property insurance? It’s coverage designed to protect your business and assets from some sort of catastrophic loss. So the building, the contents, anything inside of the equipment you may have, things of that nature. So what does a guard against. Some examples: fire, theft, vandalism, falling objects, (like a tree falls on a building) and there’s some different coverages as you can get. Obvious you can get coverage on the building itself.
So if you own a building you’re going to want to have building insurance property insurance. You’re going to want to have coverage for the contents inside your building so that the personal property such as the desks, the computers, the manufacturing equipment, the forklift that may be in that warehouse. We’re going to do different things to cover some of those things but there’s different coverages available for us to do that. Property away from the premises that’s actually covered. Yes, so if you’ve got a contractor that’s going out and has equipment and tools and a truck. Those are covered differently. It’s called a Inland Marine policy but we can cover those differently but we definitely want to cover that stuff that’s moving around out the field whether it be a computer or tools or whatever it might be.
Another good thing to think about is installation clutter so for example you get a contractor that is installing cabinets for a client: the client goes and picks out those cabinets on the way back to the ship to take them up she’s purchased on come away back to install them. The contractors driving them there after picking them up and they get beat up along the way. They’re in his care; custody control and he’s responsible for that. So you can put a policy in place to protect that as well.
So who needs commercial property insurance? Well the simple answer would be probably everybody in some capacity but different areas: commercial real estate, contractors, financial services, healthcare, manufacturing, restaurants, religious organizations, technology companies, retail, wholesale. Even regular basic offices have this exposure and it’s very inexpensive and it’s just a good way to protect your assets and not have to pay out of pocket for things when they go missing or damaged due to a covered loss.
So the biggest thing is you need to get the right coverage. It’s not all the same. You don’t know what you have until you have somebody explain it all and depending on the industry you’re in and what you’re doing we need to curtail those individual coverages to make sure you’re protected. Not every industry is the same. Not every policy is the same. The best thing to do is to reach out to us. Give us a call. I would be happy to help you want to thank you again for listening with us. Call us at 864-60-9550 or www.sharedalliance.com.
Thank you have a great day.