Commercial Property Insurance

Commercial property insurance is an insurance policy that protects business owners from damages to their real estate and the contents used in running your business. In case of damage to the property, the insurer will pay for any repairs or rebuilding to your business premises.

If your business is located in rented accommodation, the lease will usually require you to obtain commercial property insurance. If you own your premises, you need to consider this insurance as part of your overall insurance package and is required by mortgage lenders before a loan will be issued.

This insurance is a critical risk transfer for you, reducing out-of-pocket expenses for unexpected or unforeseen property loss. Ranging from vandalism, fire and water damage, as well as natural disasters. And if you don’t want to have to pay for repairs yourself in case of an accident, consider having business property insurance.

The cost to insure your property can vary greatly because there are several factors that influence its final cost.

The first factor is the type of business you operate out of the building; some types of businesses are considered to be at higher risk than others. The second factor is the location of your commercial property (urban vs rural) and the surrounding area (crime rates, environmental and weather concerns).

• Building Age
• Construction Type
• Location
• Occupancy

Also, the amount of insurance you need will affect your premiums; coverage for less than the full replacement value of the real estate is considered to be under-insurance. You can apply directly on our website to get a free quote.

Commercial property insurance coverage provides protection for the insured business from losses involving its commercial real estate.

Commercial real estate includes any building or complex of buildings used by a business to conduct its operations. In most respects, the actual structure is treated the same as a house in a homeowner's policy during a loss.

Losses typically covered under commercial property insurance include damage caused by fire, hail, windstorms, lightning, vandalism, and theft.

Commercial property insurance also assists in offsetting repair or replacement costs when a covered loss results in physical structural damage to the commercial real estate. Coverage is usually extended to the equipment (owned by others) that is located within the structure.

Commercial property insurance rates can vary by as much as 40% from one insurer to another, so shopping around is a good idea before settling on a particular deal.

As a general rule of thumb, expect to pay from a few hundred to a few thousand dollars per month in case you want to cover a large commercial property.

If your premises are rented, the lease will most likely require you to keep the property insured. If you own the property, it's advisable to obtain this type of insurance as part of your total insurance package.

Though commercial property insurance is not required by law, it is strongly recommended to help businesses avoid any sudden financial losses.

Getting commercial property insurance is similar to getting homeowners insurance. You can apply directly on our website to get a free quote.

However, some things need to be checked before applying with a particular insurer. For example, does the company have a good reputation in the market? What are its rates compared to others? And what is its customer service like?

To get a quick idea about the company, check out its online reviews and feedback gathered from existing customers. If you're not satisfied with their services, it's better to look for another insurer.