Commercial property insurance safeguards your business against potential losses. It covers all types of commercial properties, including manufacturing facilities, retail spaces, office buildings, and other property types. You can bundle it with other types of insurance to save money and ensure that you’re covered in the case of theft, fire, and natural disasters. Grand Mutual Insurance Services provides an array of options so that you can customize your commercial property insurance to your industry and specific needs.
What Is Commercial Property Insurance?
Commercial property insurance reimburses you for damage to physical assets on your property. It also covers liability for your commercial property. Typically, this type of insurance will cover the physical structure of the building as well as its contents. This may include fixtures, furniture, inventory, equipment, and other items associated with your business.
It won’t cover earthquakes and floods, which require separate policies. However, it’s essential for business owners who invest in appliances, equipment, and other expensive items. Most lenders require comprehensive property insurance and, even if your mortgage is paid off, it’s a good idea to secure your investment with this coverage.
Is Commercial Property Insurance Important?
There are many reasons we recommend commercial property insurance to property managers and business owners. Whether you rent or own the building, it’s important to have physical protection against potential losses. By maintaining comprehensive insurance coverage, you can rest easy in the event of a storm, fire, or other perils written into your policy.
Whether you run a nonprofit corporation, government agency, or traditional business, property insurance can protect you when unexpected incidences occur. Find out more about what is and isn’t covered by this type of business insurance.
What Does Commercial Property Insurance Cover, Anyway?
Standard commercial property insurance protects your property and assets from covered events. That means that you’ll receive reimbursement for the structure of your store, office, or shop. You’ll also get a check for business furniture, tools, equipment, computers, and other items essential to operating your business. Additionally, depending on how the policy is written, your entire inventory, from finished goods to completed products, may be eligible for coverage.
Talk to your agent to find out what exterior structures your policy covers. You may want to include signs and lighting, walkways, parking lots, fences, and landscaping in your business property insurance. If you would like one of our experienced agents to review your existing policy, reach out to the team at Grand Mutual Insurance Services.
What Commercial Property Insurance Doesn’t Cover
Make sure that you understand exclusions to your commercial property insurance policy. For example, property insurance typically doesn’t cover damage to your vehicles. Therefore, you’ll need separate commercial auto insurance to cover your business fleet.
As discussed, commercial property insurance doesn’t pay for flood or earthquake damage. You’ll need separate policies for these natural disasters. Remember that flood damage also includes water incursion that may ruin your equipment, inventory, and furnishings. Commercial insurance won’t cover the loss of personal property. Of course, it also won’t reimburse you for negligent actions, such as failing to fix foundation leaks or fumigate for termites and other pests.
We often recommend business interruption insurance, which can keep your business going in the case of a natural disaster.
Invest in Commercial Property Insurance Today
Commercial property insurance will pay for property and equipment damage in case of an unforeseen disaster. It’s essential for California businesses in search of protection against large financial losses. At Grand Mutual Insurance Services, we will customize your business insurance to meet the needs of your business and the requirements of your lease or loan.
Location, occupancy, and many other factors come into play when it comes to determining the cost of your commercial property insurance. Contact the team at Grand Mutual Insurance Service to find out how to protect your commercial property with the right policy.
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At Grand Mutual Insurance Services, we are committed to providing you with the most up to date information on the insurance market. Reach out to GMIS today for personalized guidance, and maximize advantages for growth and success:
info@grandmutual.com
888.732.5994