If you’re a business owner looking to secure your business from unforeseen events, it does not matter if you own the building where you do business, or you have rented the commercial property; insurance is a necessity. Commercial property insurance can protect your business from natural disasters such as fire, lightning, and flood. It also covers your property from vandalism, public liability, burglary, and machinery breakdown.
Here are some reasons to get commercial property insurance:
Protection Against Theft and Vandalism
Vandalism is a rising problem in the competitive business world. It’s affecting all types of businesses leading to the destruction of property. Commercial property insurance saves businesses from theft as well as damage of hardware losses like computers, laptops, tablets, printers, etc.
Protection Against Accidents
There is no way one can determine when an accident can hamper the business premises. Uncertain events like unnoticed fire or breakdown of equipment can lead to property damage. Commercial property insurance against accidents protects not only the property but also the furniture, computer equipment, and inventory of the business.
Protects Business Assets
The insurance will cover your replacement cost for the loss. The amount that is necessary to repair or replace assets on the property. It will allow you to get back most of the materials without compromising the quality of the asset. The insurance might also help you with the Actual Cash Value (ACV) that is the cost of a new property of similar design and quality.
Valuable Papers and Records
An outbreak of fire or floods can destroy valuable paperwork in the office. Even though most of the documents today are being stored electronically or on the cloud, paper records are still relevant for many purposes.
The insurance will cover the monetary value of your essential documents and the cost of repair and replacement. All forms of printed documents or records can be safely insured with commercial property insurance.
Protection Against Loss of Income
You may experience an interruption in your business because of property damage or loss resulting from covered perils such as fire, theft, or vandalism. In such circumstances, commercial property insurance will cover the loss of income and expenses incurred during the period of restoration.
Protects Assets Outside the Business Premises
Commercial property insurance will cover damage to business assets used outside your building or premises, such as your company sign, satellite dishes, external structures used for storage, fences, and landscaping.
The policy can be extended to cover business assets that are used off-premises. For example, if your employee takes your company’s computer on a trip and the device gets stolen or lost, you may file a claim to replace the device depending on your coverage.
Evaluating all your risks and securing the right policy is important for the success of your business. Looking for some guidance on your commercial insurance? Contact the experts at Pittman Insurance Group, LLC. We are ready to help you with all your coverage needs today.