What to Know About Commercial Property Insurance Coverage

If you are someone who owns a commercial property, you probably want to be sure that you are properly covered with insurance. After all, if you have ever experienced a fire, break-in or some other tragedy that caused a lot of damage or loss, then you probably know how financially crippling this can be for businesses like yours. You might know that insurance is important, but you still might not know very much about commercial property insurance coverage in particular. You'll want to know these things if you're thinking about buying a commercial property insurance policy.

It's Available in Different Amounts

Don't assume that commercial property insurance coverage is all equal. When you purchase a policy, you can typically determine how much coverage you want. This is not a decision that you should take lightly. The cost of your policy will vary based off how much coverage you buy, along with other things. However, you'll need to calculate the value of your commercial property to be sure that you are purchasing enough coverage, or else you might not have the coverage that you need if something goes wrong.

Deductibles Vary

Not only can you set the coverage amount for your commercial property insurance coverage, but you can typically determine how much your deductible will be. This will be the amount that you will be expected to pay out of pocket if you need to file an insurance claim. You can set your deductible based off of how much you will be able to afford to pay in an emergency situation, as well as how low you want your premiums to be. After all, your commercial property insurance premiums will be based partly off of how high or low your deductible amount is.

Various Items Are Covered

A good commercial property insurance policy should cover a variety of things. It should cover your commercial building itself, as well as the structures and fencing that might be set up outside. It should cover your computers and other equipment, your commercial furniture, your inventory and more.

It Doesn't Cover Everything

Typically, commercial property insurance coverage only covers your physical commercial property. In many cases, these policies do not cover things like liability if a customer gets hurt on your property or if one of your employees gets hurt while working. You may need to inquire about additional coverage that you need to cover these types of things, just to be sure you are actually covered properly.