Commercial Property Insurance
What do businesses that run out of a home, a leased space, or a company-owned building all have in common?
No matter which circumstance describes you and your business situation, Commercial Property Insurance is critical protection to have. Think about it this way… regardless of your line of work, you most likely use a building for some, if not all, of your operations. And, we doubt that you would be able to do your job successfully if you didn’t have some furniture, computers, inventory, supplies, equipment, and much more. So, what would happen to your business if your company property and everything in it were damaged or destroyed by fire, windstorm, severe weather, or even vandalism? An unexpected disaster like these can certainly jeopardize all your business assets including the real estate you rely on.
However, with the proper Commercial Property Insurance policy in place, the building – whether it’s a home, an office tower, or a 30,000 sq. ft. manufacturing facility – and all its contents can be covered. Your policy pays for repairs and replacement costs up to the policy’s stated limits. Even more important, this policy often provides business interruption insurance which is essential to have should a catastrophic event force you to put your business operations on hold. This coverage generally provides up to 12 months of lost income, which would be invaluable security to have should something like a fire destroy your entire workplace.
Commercial Property Insurance protects your business’ most important assets, can keep your business afloat when you can’t generate revenue due to a loss, and can help you get your operation back in working order after a terrible event. That sounds like something every business should have, doesn’t it? And, there really is no question that this type of insurance should be carried by every type of company, including property management, manufacturing, retail, farms, service-oriented businesses, and human services and not-for-profit organizations.
Since Commercial Property Insurance can be a major expense for any business owner, especially those with costly equipment, it is extremely beneficial to work with the knowledgeable insurance professionals at HUB International. We will not only find the appropriate coverage for your specific needs, but also identify a variety of options that are available to keep your costs manageable, including:
Business Owner’s Policy (BOP)
You can choose to bundle your Commercial Property and General Liability Insurance in a BOP at a reduced rate. However, larger corporations that have a higher level of risk will most likely require a stand-alone policy to ensure they have proper protection.
Open perils coverage
These policies provide coverage for any incident unless it is specifically excluded in the policy. Typically, perils like fire, wind, smoke, theft, and vandalism are covered. This coverage protects businesses from the majority of risks they are most likely to face.
Named perils coverage
These policies cover only the incidents listed in the policy. You may want to purchase this type of coverage when your business is in a high-risk area for a specific peril, such as a flood or an earthquake. Named perils coverage is usually less expensive because it covers only the specific events listed in the policy.
Replacement-value coverage
You can choose to insure your business assets at their replacement value or their actual-cash value. Replacement-value coverage might cost more, but it covers the cost of purchasing brand new replacement items. Whereas actual-cash-value coverage means you will only receive a payout equivalent to the depreciated value of the item.
Builders risk
Provides special coverage for buildings that are under construction.
Condominium forms
Covers condo associations’ buildings and permanent fixtures and commercial unit owners’ personal property.
Before your team of HUB International insurance professionals make any Commercial Property Insurance policy recommendations, we will strongly encourage you to take an inventory of all your assets. Of course, your HUB International professional will be happy to help ensure that you account for all items that may require coverage and assist you in coming up with a replacement value. In fact, the knowledgeable professionals at HUB International can provide you with many different support services to ensure you have the optimal insurance coverage and to safeguard your business from threats outside and inside your business, including offerings such as:
- Analyzing your loss experience to help identify patterns that can be reduced
- Creating safety committees to get your employees involved and excited to help diminish claims
- Developing strategic plans to streamline your organization, potentially reducing expenses
As one of the area’s largest, privately owned, independent insurance agencies, HUB International can ensure you get the best commercial property insurance for your specific needs at the most competitive rates. Contact us anytime with questions, to review your current insurance policies, or for help making an informed decision about your policy.
If you are ready for a more personal relationship with a trusted insurance agent who is always looking out for you and your business, then call us today at 833-GoCallHUB or stop into either of our two convenient Massachusetts offices.
