Commercial Property Insurance
Commercial Property Insurance Information
New York’s economy is competitive, and commercial property values statewide are among the highest in the nation. Therefore, business owners of all stripes must make it a priority to adequately insure their property assets. Without the appropriate benefits in place, the business might find itself in an unsustainable situation when property damage occurs.
Commercial property insurance can seem like a quagmire due to its highly specific nature, and you will need unique, customized benefits in order to fully protect yourself and your assets. With the help of the committed team at E.A. Funk & Associates, you will be able to build a commercial property insurance package that will always have your back when property damage occurs.
Call us today at (631) 467-4747 or request your free policy quote online to learn more!
Common Commercial Property Insurance Questions
If your home were to burn down, then you would use the dwelling and possessions coverage within your home insurance policy to pay for the repairs and replacement items. Commercial property insurance is essentially the same, except that it applies to property belonging to your business. When unexpected, unavoidable problems cause damage to your workplace, properly tailored benefits will assist you throughout the recovery process.
Every business owns property, and that property represents monetary value. Plus, property damage could also impact the business’ ability to operate and turn a profit. This creates a high risk of financial insecurity, so the business owner needs to be able to rebuild their operation as effectively and efficiently as possible. Commercial property insurance will provide the money to help them do so, thus limiting their financial liability in the face of unforeseen losses.
Property belonging to your business that is insurable under commercial property insurance includes:
• Owned buildings
• Stock & inventory
• Computer systems
• Certain personal property brought to the business location
• Important documents and files
However, policies will only cover property damaged in covered perils, which usually include unforeseeable acts like fires, severe weather (hail, lightning etc.), break-ins, vandalism or similar incidents. Accidental or intentional damage, along with flood damage, will not be covered. Commercial flood insurance is available as separate coverage.
Making your property insurance specific to you will require attention to detail, and you will often need to augment your benefits with other coverage, like:
• Scheduled Commercial Property Insurance: You will insure different pieces of property under separate policy limits.
• Inland Marine Insurance: This covers items when transporting company property or third-party property away from your main location (such as to a work site).
• Bailee’s Customer Coverage: When a customer leaves their belongings in your care, they could be damaged in a covered peril. This coverage will pay for the losses.
• Business Income Coverage: When your property sustains damage, you could face a halt in operations or loss of income as a result. This benefit can help you recover the lost money.
Please Note: If you do damage to third-party property, then you will cover this property damage under your general liability insurance.
Multiple factors can influence the cost of your property coverage, including:
• The location of the business
• The types and amounts of coverage you purchase
• Deductibles within your plan
Our team is committed to making all commercial insurance benefits easily affordable to every business owner, no matter what their budgetary objectives. Just give us a call today to learn more about your coverage options.