What To Know About Commercial Property Insurance
What Does It Cover?
You probably have homeowners' insurance that helps pay for repairs to your house following an emergency. You similarly need commercial insurance for your office or business headquarters. Your commercial policy should cover any smoke or fire damage to the Mills River, NC property.
What To Insure
Various types of businesses should carry commercial property insurance. If you run any of the following, you should purchase insurance for the premises:
- Retail store
- Service business
- Manufacturing company
It is not just the properties themselves that need insurance coverage. After all, fires can affect various assets within a building, as well. You should thus get insurance for any processing, manufacturing or office equipment. That includes the phone systems, furniture and computers.
Any inventory should also be included in your commercial insurance policy. You should additionally insure your satellite dishes, landscaping, fences and essential business records.
What Insurers Consider
Once you apply for insurance, the provider will decide how much to charge you for premiums. Whatever premiums you do end up paying can be deducted as expenses.
The insurer considers several factors when calculating the cost of your policy. First, it will look at the value of your building and the assets inside it. Before you meet with your agent, you should thus take an inventory of all the items within your property.
Since insurers do not like risk, they will charge more for properties in areas prone to wildfires or other weather catastrophes. Similarly, you may have to pay higher premiums if your building is made from combustible materials. Conversely, properties with fire-resistant floors, doors and walls may have lower premiums.
Commercial insurance premiums can be high, especially for businesses that own valuable equipment. However, insurance is worth the expense in the long run. After all, without proper coverage, you might have to use your company's earnings to pay for fire damage cleanup services.