Commercial property insurance is a type of coverage necessary for all businesses regardless of size or industry. Even the most cautious companies must strongly consider acquiring a comprehensive policy.
For over 35 years, the insurance experts at Sebrite Agency have made it their mission to help businesses in the Minnetonka area protect themselves with the right commercial property insurance packages.
What Does Commercial Property Insurance Cover?
A fitting commercial property insurance coverage will cast a wide security net over policyholders per their specific operations and subsequent risks. By having commercial property insurance, you’ll receive financial assistance for damages and losses that may have otherwise had severe ramifications for your organization’s profits in both the present and future. In general, a commercial property policy will include coverage for:
· Fires
· Storms
· Crime, such as theft or vandalism
· Burst pipes
Most commercial property policies will include coverage for owned or rented property, as well as other physical assets or features used to operate your organization. This could include:
· Buildings
· Equipment and tools
· Inventory
· Furniture
· Signage
· Fences and landscaping
· Property owned by others
In addition, agents can work with your business to review specific risks and operations to adjust or enhance your policy to include coverage for other factors.
How Much Does Commercial Property Insurance Cost?
Insurance professionals at Sebrite Agency take the time to analyze various factors to provide an accurate and fair quote for your commercial property policy. Premiums for this type of coverage will usually be determined by the total value of your business’ assets, including structures, with additional influence from the following factors:
· Size—In general, a large office park or industrial structure will cost more to insure than a smaller building, such as a house being used as a business’ headquarters.
· Location—Providers will consider the location of your business and weigh certain related risk levels, such as the likelihood of criminal activity or natural disasters.
· Occupancy—How a property is being used must be considered. Certain operations, such as those of a restaurant or auto repair shop, often carry higher levels of risk than a general office environment.
· Protection—Properties with fire suppression and security systems could be quoted at lower rates. Proximity to emergency services, such as fire stations, may also be considered.
· Construction—The building materials and ages of structures are key factors. For example, structures with updated wiring, plumbing, or those built with fireproof materials may garner lower premiums.
Get the Right Coverage for Your Business
No shortage of hazards can affect your business. Natural disasters, fires, criminal activity and maintenance issues can all lead to costly repairs and business interruptions.
Fortunately, Sebrite Agency is here to help protect your interests and your future. Contact us today to find the right commercial property insurance policy to suit your organization’s needs.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.