Your business's survival is directly tied to your livelihood, making it essential to shield it from any potential threat, regardless of size. Imagine a fire engulfing your business's warehouse, destroying not just the building but also the valuable contents within. Alternatively, a burst frozen pipe could wreak havoc on crucial documents and important papers. Even more concerning, the financial strain from repairing such damage could lead to difficulties in paying your employees.

If self-insurance isn't a viable option to mitigate these risks, seeking property insurance is prudent. This form of coverage comes in various options, tailored to your specific requirements. Before finalizing any coverage, it's crucial to conduct a comprehensive inventory of all your business assets. This vital step ensures that your coverage will be adequate to sustain your business in the event of a covered loss.

What Types of Properties Should Be Insured?

Consider these examples of commonly insured property:

• Buildings and other structures, whether owned or leased
• Furniture, equipment, and supplies
• Inventory
• Money and securities
• Records of accounts receivable
• Leasehold improvements and enhancements you've made to rented premises
• Machinery and boilers
• Electronic data processing equipment, including computers
• Valuable documents, books, and papers
• Mobile property, such as construction equipment
• Property in transit
• Cargo
• Satellite dishes
• Outdoor property like signs, fences, not directly attached to buildings
• Intangible property, including goodwill and trademarks
• Business contingency coverage for suppliers
• Ordinary payroll
• Extra expenses resulting from loss

What Are the Different Types of Commercial Property Insurance?

Basic property insurance covers losses from fire or lightning, even encompassing the costs of removing property to prevent further damage. If you require more than basic coverage, a standard policy can provide protection against extended perils such as floods, windstorms, hail, earthquakes, acts of terrorism, explosions, riots, smoke, civil commotions and damage caused by vehicles. Furthermore, coverage for vandalism and malicious mischief can be included as well.

Preserving your business's stability and financial health demands a proactive approach to risk management. By securing the appropriate property insurance, you're effectively fortifying your business against unforeseen disasters, ensuring you can navigate challenges and continue thriving.

How to Get Commercial Property Insurance

If your business needs commercial property insurance, we’re here to help. Contact Berger Briggs Insurance today to learn more about your insurance options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.