Every business needs commercial property insurance, regardless of whether it owns or leases a building. Your premises and equipment are the lifelines of your business. However, loss or damage to such things may result in downtime, which is inconvenient and costly and could also hurt your reputation if you're unable to satisfy your customer's needs. This is where a commercial property insurance policy can help. However, make sure it covers the following things:

1. Workspaces and Exterior Features

   Your insurance policy should cover your building. In addition to the physical structure, building coverage ensures the following:

   • Completed additions
   • Fixtures (including outdoor fixtures)
   • Permanently installed machinery and equipment
2. Business Property

   Your policy should cover all the contents of your building, including:

   • Furniture and fixtures
   • Machinery and equipment
Computers
• Stock
• Upgrades made to a rented space
Leasehold fit out
• Personal property that you have rented and are contractually obligated to insure

It is crucial to remember that most commercial property insurance policies only cover personal property in or within 100 feet of the insured building.

3. Natural Disasters

   Is your business area prone to floods, earthquakes, and other natural disasters? Most insurance policies do not provide coverage for natural disasters, although they do so for situations like fire, theft, vandalism, and storms. You need to buy coverage that prevents loss brought on by such calamities. Your insurance agent will be able to advise you about the availability of these covers and any special deductible (the amount you pay before the insurer pays the claim) that applies.

4. Movement of Business Assets

   If a sizable number of company assets are moved from the premises, your typical commercial property insurance may not provide coverage for them. Therefore, it's crucial to ensure your insurance covers them if you run a mobile business or if employees frequently bring company property to other locations or their homes.

5. Adequate Amount

   It is crucial to ensure your policy covers you to a total sum insured that matches your potential losses, usually the cost to replace the property. Replacement cost will replace your property at today's market value and does not account for depreciation. It is also best to avoid valuing your property for a certain maximum amount. If a disaster destroys your property and your losses are more than that amount, you will not receive any more money. Moreover, keeping your total sum insured amount low to avoid paying higher premiums is risky and not recommended.

Cover Your Business Property with Weeks & Associates

To learn more about protecting your commercial property insurance, contact us today at Weeks and Associates Insurance. We help you navigate the market, understand the intricacies of your policy, and ensure sufficient coverage with affordable premiums.