Commercial Property Insurance
The property that your business utilizes to stay profitable extends well beyond the physical land on which your company operates. For example, every restaurant needs kitchen appliances to properly prepare and serve food. Likewise, a grocery store is nothing without the fresh produce and canned inventory it sells. And what about the signage needed by software companies and corporations for brand recognition?
Sure, you’ve put time and money into the space in which your company operates. From the interior design and furniture to the exterior signage and fencing, you have made the physical location of your business an integral part of your company. But, the truth is that you’ve also invested in assets such as:
- Equipment and machinery
- Valuable documents
- Electronic data
- Building structure
Remember that this type of coverage doesn’t just protect you when you’re on company premises; your assets may also be protected off-site if they are stolen, damaged or lost, when properly endorsed.
What causes of loss are covered?
Commercial property insurance generally covers losses due to theft, vandalism, fire, smoke damage, some acts of nature (such as hail, wind and lightning) and water damage from burst pipes.
What is loss payout based on?
Insurance companies base payout amounts on the replacement cost (RC) or actual cash value (ACV) of the lost property. RC depends on the amount of money needed to repair or replace the lost items and doesn’t factor in depreciation. ACV reimburses for repair or replacement costs but does take depreciation into account. Whatever type of policy you have, it all begins with a thorough inventory of your physical assets.
To learn more about the type of commercial property insurance that’s right for your business, contact Karl Weidel Insurance at 609-599-2588 or by filling out the form on this page.