Commercial Property Insurance: The Ultimate Buying Guide

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Last updated on: April 25, 2022
COmmercial Property Insurance

As a business owner, you know that buying insurance can be a tedious process. It feels intimidating to make sure all your ground is covered. But ensuring that you have the proper insurance protection is essential when operating a successful business.

Having a go-to commercial property insurance guide to help you along the way is a great resource to use. That is why we will cover some of the most critical information you need to know to buy commercial property insurance with confidence.

The Basics: Types of Commercial Property Insurance

Whether you are new to business ownership or a veteran of your industry, you may wonder what insurance options are available for your company. Fortunately, there is property coverage for nearly every form of commercial business.

To get an idea of what kind of services commercial insurance providers offer, here are some examples:

Take the time to learn which options are best for you. Discuss your business needs with an agent to build appropriate policies.

Commercial Property Coverages: Two Features

A comprehensive commercial insurance policy covers a couple of intuitive features: protection of the building and protection of business contents. Let’s analyze both features more closely to understand some of the benefits of buying these insurance options.

Building Insurance

This form of coverage is available so you can protect the physical building of your business operations. Some elements usually included are siding, window, and roof damage. Interior and functional systems like plumbing and electricity are also common.

Most mortgage providers will urge you to own this policy before offering you a business loan to purchase office or commercial space. It saves them from any surprise expenses and ensures that you have the coverage you need should mishaps or vandalism occur.

It is important to note that not all commercial business insurance policies account for certain damages like:

  • Wear and tear from your company’s residency
  • Damage caused by natural disasters
  • Terrorism

Follow this commercial property insurance guide and consult with your agent about the commercial building insurance you need.

Even if you rent commercial property from a landlord, make sure to inquire about the building’s coverage. We recommend protecting your business equipment, inventory, and commercial space even if you do not need to invest in building insurance itself.

Contents Insurance

Stolen or damaged property is common for every business. It is difficult and costly to cover each item of inventory out of pocket should something happen to it. That is why commercial contents coverage acts as a cushion so that you can replace or restore your inventory with ease.

Not all contents insurance is created equal. Some may only compensate you for the actual cash value of the damaged or missing items at their present value. Other plans will replace the compromised item completely.

Be careful about which type of content coverage you select. Depending on which industry you belong to and the expected state of your inventory will determine which is best for you.

Next Steps: Updating Insurance on a Commercial Property

Even after selecting the right commercial property insurance, your work is not done. Every business owner knows that company growth and finances can fluctuate or dramatically change at a moment’s notice.

Prepare for the unexpected, and make sure your insurance policies reflect that. Always stay in contact with your agent and insurance provider to maintain up-to-date information. Doing so will prevent any logistical problems receiving coverage on time and ensure that you only pay for what you need.

Partner With a Trusted Insurance Agency

Now that you have the information you need to begin buying your commercial property insurance, partner with a company you can trust. Alchemy Insurance Agency is a heavyweight leader in the industry that provides the best coverage to businesses and homeowners across the country. Whether you need your commercial building or assets protected, we can help!

We have over thirty years of experience and customer satisfaction. Our company makes sure you have what you need to keep your business safe from unexpected damage or disaster. And a team of experts is here to communicate information to you simply, so you avoid hidden costs.

Our commercial property insurance guide is only the tip of the iceberg! Contact us online or call today at (484) 999-2101 for more advice on how to protect yourself and your business. Alchemy Insurance Agency, Oxford, PA.

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