19, July 2021

Getting Commercial Property Insurance For Your Business

If you’re a small business owner, you may have been introduced to the concept of guarding your assets through commercial insurance. One of the categories encompassed under the heading of commercial insurance is commercial property insurance. Why is this important to a business owner? Commercial property insurance pays to replace or repair damaged, lost, or stolen business property. It covers not only the physical location of your business but other assets such as equipment and inventory.

But do you need it?

Do You Need Commercial Property Insurance As a Small Business Owner?

The unequivocal answer to that question is, “Yes!” That’s particularly true if you rent or own a workspace or office. One reason for this is that you may need to provide proof of commercial property coverage for a landlord. Additionally, commercial property insurance is frequently mandated by lenders for the life of a mortgage.

You may ask, “Isn’t property insurance carried by landlords for their buildings?” The answer is likely yes, but here’s the thing: For any expensive business property rented by a tenant, landlords most often refuse to take any responsibility.

If a small business also owns property, commercial property insurance is even more essential, though not necessarily required by law. Inventory and other expensive equipment can, in this manner, be covered through the right type of insurance policy.

Who Purchases Commercial Property Insurance?

Commercial property insurance is frequently purchased by businesses that fall under one or more of the following statements…

The business:

  • Depends on valuable business assets.
  • Has inventory or products.
  • Rents or owns expensive tools or equipment.
  • Rents or owns an office, store, or building.

Protection Offered by Commercial Property Insurance

Where your business’s real estate and contents are concerned, crucial coverage is offered through commercial property insurance (as well as other commercial insurance programs). As an example, it can help pay for replacement or repair if the property belonging to your business is destroyed, damaged, or lost.

Take a good hard look at the assets belonging to and/or resulting from your business. They keep your business up and running – and many of them are expensive. After a devastating catastrophe or unexpected event such as a break-in or a fire, an insurance policy of this type will mean the difference between you being able to afford necessary equipment repairs or not.

Added Protection

In a fixed location, specific risks are covered by a standard policy. Included in these are the following:

  • Some storms
  • Fires
  • Vandalism
  • Burglaries, etc.

This does not, however, include some natural disasters or normal wear and tear. For added protection, a property insurance policy can be customized to better protect your business. Additional risks that can be guarded against with an appropriately modified commercial property policy are as follows:

  • Damage to mobile property.
  • Forced closure.
  • Natural disasters.

Whom To Turn to for Assistance with Insurance Concerns

K&N Brokerage partners with The Independent Insurance Agents and Brokerage of America. The benefits of working with our brokerage are many, including the following:

  • Customization
  • Expediency
  • Knowledge
  • Experience
  • Superior customer support… and more

We offer a competitive advantage due to the fact that our helpful representatives get to know each and every client on a business-to-business level and create a relationship with them. We will answer any questions you may have and take the time to explain our services in-depth.

Contact us today if you’d like to find out more about the services we offer or if you’d like our assistance in finding the appropriate insurance coverage for your needs.