When it comes to insurance, most people think about insuring their personal belongings such as their home or automobile. But what if you owned an entire office building or leased space within an office building? What type of insurance would you need then?
Commercial Building Insurance
If you own a commercial building, the need to find the right insurance coverage is of the utmost importance. Commercial building policies typically cover the building and contents from covered events such as direct physical losses. Business interruption coverage is also critical, regardless of whether the entire building is for your own business or offices are leased to others. Sometimes additional insurance may also be needed for equipment such as boilers and machinery.
Commercial Property Insurance
Commercial Property Insurance is a crucial coverage to have when you own a business. Imagine if your office became unusable due to an event such as a fire or vandalism? How much would it cost to replace computers, phones, and inventory? Commercial property insurance provides financial assistance when there is a covered loss to business property. It is important for businesses to be indemnified as soon as possible following a loss so that day-to-day operations can continue without disruption.
What type of commercial property insurance do you need?
This can depend on several factors. A lot of times if you rent the space where your business is located, you will be required to obtain some type of property insurance. There are policies available that may cover specific named perils, or all-risk policies which cover losses except ones that are specifically named in a particular policy. The location and the type of business you run are also items to consider when looking at purchasing commercial property insurance.
What if my office is inside my home?
It is important to keep in mind that many homeowners policies provided limited or no coverage for business property within the home. It is important to find out what your homeowners policy will cover, and decide whether or not you may need business property insurance.
At The Andrew Agency, we can assist you in finding the right coverage for your commercial insurance needs. Please give us a call today at 804-320-2886 and we will be happy to discuss options with you.