Commercial property insurance not only covers your physical building, but also covers inventory, signage, machinery, and other equipment.
Usually, Commercial Property Insurance coverage can be broken down as follows:
Buildings, including:
Business property on premises, including:
Personal property of others that is currently in your businessā custody.
As a business owner, your next question is probably, āWhat does commercial property insurance cost?ā Or if you already have commercial property insurance, perhaps you are wondering, āWhat factors have impacted my current rate? How do I ensure I am getting the best value for my hard-earned dollar?ā
Commercial property insurance rates vary based on the following categories.
Is your place of business located in a city or town with high-quality fire protection? If so, it will probably cost less to insure than buildings that could not be quickly and efficiently reached by the fire department.
Speaking of fire, what is your businessās building made of? Fire-resistant materials could mean a discount, while combustible materials could mean youāre paying more. Be careful when it comes to your construction choices, as wood floors, stairways, or partitions, in an otherwise fire-resistant building will probably nullify this potential rate reduction!
What type of business do you own? An office building will typically mean a lower rate than a restaurant or auto repair shop. If you are part of a multi-business workplace, for example, you lease an office space in the same building as a restaurant, this more āhazardousā tenant will unfortunately have a negative impact on your rate.
In addition to location, construction, and occupancy, commercial property insurance rates can also be impacted by building size, upgrades and improvements, and affixed item values.
You could also consider a business owners policy (BOP), which combines insurance for your structure, property, and other business liability in one policy. The experienced agents at Talley Insurance here in beautiful Brandon, FL can help you decide whether a BOP is right for you!
Did you know that independent agents handle more than 50 percent of all active commercial insurance policies in the country? Give us a call today at (813) 685-9393 and we can get started!
If you are the owner of a business with a physical location, then the answer is āYes! You should definitely have commercial property insurance.ā This policy should cover your building, equipment, signage, machinery, etc.
Here are a few more scenarios in which you may need commercial property insurance:
Commercial property insurance is critical for any business owner who does not want to leave the future of their company up to chance. No one is immune to natural disaster or human intrusion. Take a look at the average costs for each of the following claims. If you canāt, or donāt want to pay these potential costs from your companyās pocket, you want commercial property insurance:
There is no way of guaranteeing that your businessās property will always be safe and sound, but there is a way of ensuring (or should we say āinsuring!ā) that the costs to repair and replace will not be out of pocket.
One of the many great things about commercial property insurance is that business owners can choose what to cover. You can select specific perils, for example, fires, vandalism, etc, or you can choose a policy with open perils, which means all losses unless specifically excluded. The team at Talley Insurance can help you discern what you need to best protect your business without overspending. As independent insurance agents in the Tampa Bay area, we are not handcuffed to one provider. Our loyalty is to YOU and your business!
Commercial Property Insurance is only one form of commercial insurance. It may not cover all of your insurance needs. Commercial property insurance is frequently purchased in conjunction with:
Again, we are more than happy to help guide you when it comes to what you need. We will never push something you donāt need, and we will always be transparent with you. As a family-run independent insurance agency in Brandon, FL, honesty and integrity inform everything we do.
Youāve worked hard to build your business. We know that because weāve worked hard to build ours!
Talley Insurance is here for your commercial property needs. If you have already entrusted us with your home, renters, or car insurance, you know we go the extra mile to serve our valued customers. If you have any questions about commercial property insurance, call us at (813) 685-9393Ā or if you want to check out pricing, request a quote!