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Tear off the sealants From a curious question, how is your concrete? It's not something you ask every day, I know. But try the concrete first... The moment you finally rent a new office space is rich and exciting. Your business is a credit to you and all your hard work. In order to protect your business and commercial space, you may want to consider commercial property insurance. That way, if the worst happens, your business is protected. Below, we'll talk about what commercial property insurance is, what it covers, how much it costs, and where you can find it.
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A small business owner can pay up to $500 a year for commercial property insurance, while a large business pays $500,000 or more.
You can combine your commercial property insurance policy with your general liability policy. It's called a business owners policy (BOP), and it can save you money compared to buying individual policies.
Below are some practical tips for finding cheap commercial property insurance or reducing the current cost of your commercial property insurance:
Get quotes from several companies and compare them to get the best coverage at the lowest cost. Different insurance companies will always give you different prices and rates. If you decide on the first quote you get, it's almost certain to leave money on the table. Getting multiple quotes from multiple companies can be time consuming, working with a broker like CoverWallet or Citizen General Insurance or commercialinsurance.net is a good way to get multiple quotes.
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Ensure that you and your employees follow all safety best practices required or recommended by applicable regulations and conduct regular monitoring and auditing of critical building systems such as fire alarms, fire inspections, etc.
If they aren't offered to you when you get a quote, find out if you're buying online or through an agent. Insurance companies always offer several discount programs. You may not qualify for all programs. But even if you don't qualify now, you'll know what it takes to get these discounts so you can meet the requirements to get the discounts in the next 3, 6 or 12 months. .
Commercial property insurance protects your business against losses caused by fire, theft, vandalism or natural disasters. This can help to expose your business to such events. They can also protect you against loss of income due to property damage. For example, if you live in California and your business was damaged in the California wildfires, commercial property insurance should cover your loss of business, property, and income.
Although it varies from policy to policy, commercial property insurance covers everything for your business operations. It pays to cover lost, stolen or damaged equipment. Typically, this includes:
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You must first determine how much commercial property insurance you need. You want to look at the building where your business is located. Even if you're just renting space, you'll still want commercial property insurance if the space is essential to the operation of your business. Otherwise, none of your property will be insured. For example, suppose you rent space for a small bakery in an office building downtown. The building catches fire. The homeowner has commercial property insurance, so it covers the building costs. However, without commercial property insurance, you will suffer the loss of space and all its contents.
You need to determine whether you want replacement value coverage or actual value coverage. A replacement cost fee pays to replace your item with a new one, but the insurance cost is higher. Actual value simply replaces the item's current value.
You should consider adding flood or earthquake coverage to your policy if your business is in a flood-prone area. Remember that flash flooding can happen even if you don't live in a flood zone, like when Hurricane Florence flooded the Carolinas in 2018 when it dumped 36 inches of rain.
When purchasing commercial property insurance, be sure to pay attention to your indemnity period. This is the time you have to file a claim after the loss, from the day the claim occurred.
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Commercial property insurance can protect you in the event of a tenant claim if you are a property manager or rent space to others.
Instead of going from website to website, you can go to a digital broker such as CoverWallet, commercialinsurance.net, ez.insur or Citizen General Insurance Broker, etc. and enter your information once, then get quotes from multiple insurance companies.
Coverhound took our information about our hypothetical bakery and gave us a quote from Liberty Mutual for a business owners policy (which covers commercial property) for $550 per year or $45.84 per month. It had zero deductibles and a total liability limit of $1,000,000. This is very interesting because Liberty Mutual does not offer online quotes to its customers. However, they offer it through digital brokers like Coverhound.
For example, CoverWallet asked us about our building, as well as a few other questions that no one asked:
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If you can, you should. It's called a business owners policy, and it provides protection for both types of insurance at a lower price than if you bought the policies separately.
Insurance companies like to see a building that is newer than fifty years old. If your building is older than that, you can be sure that the roof, HVAC, plumbing, and electrical systems have all been updated. Having fire safety equipment and a security system also saves money. Some insurance companies will review your work with you and recommend how you can make your office space safer.
No, but if you rent or lease from a landlord, the landlord may require you to have it. Read your lease carefully.
4. What is business interruption insurance? And do I need it in addition to commercial property insurance?
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In the event that a natural disaster strikes and your business is forced to shut down temporarily, business interruption insurance can help you pay for lost income and get you back on your feet.
Commercial property insurance and business interruption insurance complement each other. For example, if your business is closed due to a fire. Commercial property insurance covers damage to the building and other equipment caused by fire, while business interruption insurance covers the loss of income when your business is closed. Therefore, for small businesses with less than $1 million in annual revenue, commercial property insurance, general liability insurance, and business interruption insurance are combined into one policy called a Business Owners Policy (BOP).
If you make money by renting out apartments or properties to others, you will have business owner insurance. It's a little different than commercial property insurance because you need to protect your property against damage caused by tenants, and you also need to protect yourself from claims by tenants who fall down the stairs or slip on icy sidewalks.
If you have a mortgage on your home or rental property, mortgage lenders may require you to have commercial renter's insurance. Property damage can easily cost hundreds of thousands or even millions of dollars. Without an insurance policy, you can lose your property or even go bankrupt.
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An additional insured is a third party who bears the risk of liability in a business relationship. For example, if you have a cleaning business in a commercial building, you may want to apply for additional coverage on your building owner's policy. That way, if someone falls on the floor you've cleaned, you're covered by a Homeowner's Liability Policy or Business Owner's Policy. You should get your own general liability insurance, only
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