Commercial Property Insurance
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Commercial property insurance protects the businesses buildings and contents.
Commercial property policies can protect against natural disasters and theft
The policy will pay for replacement or repairs of commercial property
Commercial property insurance helps to protect a business's commercial property, such as a store, warehouse, storage facility, or manufacturing plant.
Insurance coverage can protect the property's external structure and the valuable contents inside, including machinery, technology, and tools.
What is commercial property insurance and what does it cover?
A commercial property insurance policy can safeguard against various dangers, including theft, vandalism, natural disasters, and fire.
Some policies even cover extras like pricey artwork.
For example, say somebody breaks into your office building and steals all of your employees' laptops.
This can quickly add up to thousands of dollars worth of lost property. Insurance can cover the cost of replacement.
On average, U.S. businesses lose 7% of their yearly revenue to criminal acts like theft.
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Having a good commercial property insurance policy in place can help protect you and avoid a blow to your bottom line, as your coverage will help make up for such losses.
Natural disasters like storms can also take a significant toll on a business's financial status.
Commercial property insurance can help here, too. From hurricanes to earthquakes, natural disasters cause billions of dollars worth of damages every year.
When your property and its contents are jeopardized, the insurance policy will help pay for repairs and replacements.
What types of businesses need commercial property insurance?
If your business has any property, like a property management company, dance studio, a commercial property insurance policy is advisable.
Retailers, Homeowners Associations, car haulers, manufacturers, garage keepers, day spas, architect, and nonprofit organizations may also take out commercial property insurance.
Offices may also take out this type of insurance to help protect basic infrastructure and valuables inside, like computers.
Related Business Insurance Articles:
Businesses with particularly valuable property are especially in need of a comprehensive commercial property policy.
Examples include healthcare practitioners, auto mechanics, and any other service provider using cutting-edge technology.
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