As a business owner, you need to protect your building and assets at all costs. Without coverage, you’re leaving yourself vulnerable to major losses that may be impossible to recover from. Commercial property insurance will help protect your building and its contents in the event of a disaster.
How Does Commercial Property Insurance Coverage From Secure Insurance Group Work?
Commercial property insurance from Secure Insurance Group disburses funds after your business’s building and/or company equipment get destroyed, stolen, or vandalized. Fires and natural disasters are common events that commercial property insurance provides coverage for.
A commercial property policy may be a named peril or open peril policy. A named peril is a specific instance that your policy would provide coverage for, and anything not mentioned in the policy would not be covered. Named perils may include hurricanes, tornadoes, fires, hail, and vandalism.
An open peril policy names events that are excluded from coverage. For instance, a policy may say it provides coverage for damage resulting from any event other than a flood or earthquake. In this instance, you would need to get separate flood and earthquake policies to fully insure your property.
Once you receive the funds from your policy, you can use them to repair or replace damaged items.
Should I Still Get Coverage From Secure Insurance Group If I’m Renting Property For My Business?
Getting commercial property insurance from Secure Insurance Group is still a good idea for those renting properties. The lease agreement will indicate what you are responsible for, and in this case, you’ll need to get commercial property insurance to make sure you’re covered. The same holds true if you’re renting equipment.
How Much Does Commercial Property Insurance Coverage Cost?
What you’ll pay for commercial property insurance will depend on a variety of factors, including:
- The amount of coverage you want to get
- Number of occupants in the building
- Fire hazards in the building
- The overall value of the building and its contents
If you’re in an area that is prone to natural disasters, or if your building has fire hazards, your commercial property insurance premium will be higher. The same can be said for buildings with several occupants, such as a restaurant. On the other hand, someone who owns a small office building with only a few workers and no constant customer traffic will have low commercial property insurance premiums.
How Does Actual Cash Value Compare To Replacement Cost?
Commercial property insurance policies can have their reimbursement based on actual cash value or replacement cost. If your coverage is based on actual cash value, you’ll be reimbursed based on what the damaged or stolen items were worth at the time of the event. Since most equipment depreciates in value over time, you’ll receive a fraction of what you paid for your equipment, and that reimbursement alone won’t be enough for you to purchase a replacement.
Opting for reimbursement based on replacement cost will allow you to receive more funds, and your reimbursement will be sizable enough for you to make new purchases. The reduced value of the items at the time of the disaster or theft does not factor into the reimbursement here.
What Can I Do To Get The Most Out Of My Coverage?
When you get commercial property insurance, it’s good to take an inventory beforehand. You want to get the most accurate idea of the total value of everything that is in your building. Without having an inventory, you could be greatly underestimating the amount of compensation you’d need after a catastrophic event.
Get Your Commercial Property Coverage Today
Secure Insurance Group provides commercial property insurance to help you stay afloat when disaster strikes. Repairs and replacement costs should not fall on you. We will take care of it. Call us today at 877-871-7328 to find out which commercial property insurance policy is best for you.