What To Expect From Your Commercial Property Coverage

7/13/2020 (Permalink)

Fire damage in a Gray, TN building

When you own an office building or warehouse in Gray, TN, you need a comprehensive commercial insurance package. One of the standard policies in this package is going to be commercial property coverage. There are several things you should look for when choosing a policy.

What Is Covered?

Commercial property insurance is designed to cover fire damage cleanup or the fallout from other disasters. In addition to the building itself, most policies pay for damage recovery to other aspects of the property:

• Office and manufacturing equipment
  
• Important documents and records
  
• Inventory and supplies
  
• Fences and signs
  
  

If any of these items are damaged in a fire, your policy should pay to repair or replace them.

How Much Should You Pay?
The more your policy has to protect, the more your premiums are going to cost. The overall value of your property is only one thing that the provider takes into consideration. If you want your commercial insurance policy to cover the replacement cost rather than just the value of the items lost, you should prepare to pay more in premiums. The more items that are at risk, the more comprehensive your policy has to be. You may be able to get a lower premium if you are willing to pay a higher deductible in the event of a disaster.

What Other Factors Affect Cost?
The more preventative measures in place, the lower your premiums are likely to be. If your building is built in a location with superior fire protection or is comprised of materials that resist burning, there will likely be less for fire restoration experts to repair even if it does catch fire. Fewer potential repairs mean lower costs for your provider and a bigger chance it will pass that savings on to you.
Every business owner needs a commercial insurance package that safeguards the building and everything in and around it. Your insurance agent can guide you to the policy that best suits your needs.