Commercial property insurance is an absolute “must-have” coverage to ensure business continuity and to protect the physical assets of your business from loss or damage, theft, fire, smoke, water and vandalism.
While most business enterprises do the minimalist unemployment and worker’s compensation insurance as it is a requirement by law, Commercial Property Insurance Brokers say that it is a prudent business practice if you take up additional coverage as well. You can easily do this by taking up a business owner’s insurance policy bundle and including in it an additional package for commercial property insurance that includes employee dishonesty, equipment breakdown, lost profits and business interruption expenses following a claim.
Major benefits of commercial property insurance are listed below:
1. Protects the physical assets of a business that include property, equipment, inventory and supplies, office furniture and fixtures, computers, electronics, and personal & customer property kept at the business premises – whether the property is owned or on lease.
2. It also covers fixtures attached to the property such as lighting systems, carpeting, windows, outdoor signboards, walls & fencing and landscaping.
3. Commercial property insurance also provides coverage against natural disasters such as fires, hurricanes, ice storms, earthquakes, tornadoes, flooding and the resulting water damages.
4. For employees travelling on company-related work in the same city or in any other state, commercial property insurance protects their tools and equipment as long as it is in a company-owned vehicle.
5. In case of an accident anywhere in the country, commercial property insurance gives reassurance to business and property owners and enables them to stand up on their feet again.
6. It offers protection of the earnings and assets of business owners, so that they their businesses do not get wiped off, but can grow back to the level at which they were operating.
7. It provides succour and acts as a means of support especially to those owners of small businesses whose only source of income might have been lost, as a result of any physical damage to the property or business assets, or bay act of vandalism.
An all-encompassing commercial property insurance policy; or an option for coverage with specifications
There are slight variations to commercial property insurance.
Specific packages protect you against:
a) Property damages and loss from fire, severe weather conditions, theft, and vandalism.
b) Coverage for general liability insurance from lawsuits occurring after an accident.
c) Company vehicles and drivers get commercial auto insurance as protection against automobile accidents, property damage, and liability.
Another option is to get a customized policy tailored to the potential risks associated with your property and its value. Besides the above-mentioned benefits, additional benefits can be obtained, based on the custom covers that have been chosen.
Commercial property insurance brokers are of the opinion that while commercial property insurance is important, it does not cover all risks that a business may be exposed to. In such a situation, a bundled insurance package designed specifically for businesses serves as a cost-effective solution.
Commercial property insurance brokers who are committed to their profession go a step further than their mandate and advise their customers on risk management activities that their businesses can undertake to mitigate risks that have been identified and pose a potential danger to their present and future operations.
Beneficial Insurance Solutions is an independent company based in Calgary that serves business owners with consulting and insurances solutions that are customized to their needs and meet their budget.
Their team includes commercial property insurance brokers who are specialists and have years of experience behind them. They will ask you to ask the right questions to ensure that your business has the right commercial property insurance it needs, as well as other necessary coverage. They do research and source competitive quotes to make sure that your commercial property has the most optimum cover at the most competitive price.