Protect Your Business Inside & Out With Property Insurance
Every day you work hard to ensure that your business stays up and running. From serving customers and offering products to providing your employees with jobs, your business is a powerhouse of activity. Thus, it is important to keep your commercial property protected because accidents do happen, and the last thing you want to experience as a business owner is falling out of commission under the wrong policy.
With a commercial property insurance policy from King Insurance, you can safeguard the building itself and personal property inside the business against minor accidents or a major financial loss. Our insurance specialists can help you create a policy that keeps your small to medium-sized business insured from top to bottom by covering items such as:
- Your building
- All interior items (desks, furniture, etc.)
- Any outdoor signs on your property
- On-site equipment
- Your inventory
Other items that are typically found on a property insurance policy can include Builder’s Risk insurance and Equipment Breakdown coverage. Builder’s Risk insurance protects any materials or equipment from damage or loss sustained during construction or remodeling, while Equipment Breakdown (or Boiler and Machinery) keeps any electrical, electronic, or pressurized equipment on your premises insured against breakdowns or loss.
Who Needs Business Property Insurance?
Having business property insurance is a good idea if you rely on a property — whether it’s leased, rented, or owned — to run your business. The property may physically house the business or provide storage space. Property insurance for businesses is recommended if you have any type of valuable equipment, such as computers and specialized tools.
What Do You Need To Know About Commercial Property Insurance?
Taking a business inventory before speaking with King Insurance is helpful to determine the types of business insurance coverage that would apply to your business. Also, you’ll know the replacement value of the equipment and property, which is useful for deciding the amount of coverage to purchase. At its core, commercial property insurance aims to protect a business that becomes unable to resume its operations for a length of time by covering lost income and other by-products of the shutdown.
What Is Covered By A Property Insurance Plan?
Though individual plans vary by policy and insurance carrier, commercial property insurance provides coverage for losses caused by:
- Acts of vandalism;
- Damage from airplanes or vehicles;
- Explosions or fires; and
Generally, this type of business insurance covers the building, business equipment, inventory, and outdoor equipment and property on the premises. It doesn’t provide coverage for company-owned or company-operated vehicles.
Replacement Cost Vs. Actual Cash Value: Determining The Loss
One of the most common questions King Insurance receives from customers is how an insurance company calculates the value of losses. A company makes the determination based on the actual cash value and the replacement cost of the property in question. King Insurance will help you decide which method of loss determination is appropriate for your business.
This refers to the amount of money it would cost to rebuild, repair, or replace lost or damaged property on the business’ premises using equivalent materials and quality. Replacement cost doesn’t account for depreciation.
Actual Cash Value
This is the cost to replace a lost or damaged item with a new item of similar quality and style minus depreciation.
Additional Business Protection Policies
In some cases, a business can save more by combining commercial property insurance with general liability insurance for the convenience of having the business’ needs met. To find out more about combining coverages, contact King Insurance today.