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Commercial Property Insurance helps protect your business assets such as computers, furniture and inventory. The insurance pays for repairs and/or replacement of your assets so that your business can continue to operate at full speed. Without this coverage, most startups and small businesses would be challenged to replace any expensive equipment critical to the operations.
Commercial Property Insurance is a subset of insurance usually found under Commercial General Liability Insurance coverage. This insurance type helps businesses replace lost, damaged or stolen equipment.
Typical property covered includes:
The following items are generally not covered:
As you consider a policy, pay careful attention to the exclusions to ensure you understand the true coverage you are receiving. A few common things to watch out for include
You likely own home, auto or life insurance policies because they all serve different purposes. If you are running a business, you’ll need to consider many different types of coverage—one of them being commercial property insurance.
Here are some examples of the benefits of this coverage:
Regardless of whether you own or rent your office, Commercial Property is likely required. If you’re leasing or renting out a workspace, your landlord will want to make sure you have some basic level of coverage. Furthermore, any business that has expensive assets (e.g., specialized computers, machinery) should consider buying this coverage. A rule of thumb is that losses that jeopardize the existence of the business should be insured. For example, if a flood-damaged all your equipment, could you afford to replace all of it immediately? If not, consider buying Commercial Property Insurance to make sure you have immediate access to help.Written by SpaceList