- What is it?
Commercial Property is an insurance coverage for businesses and other organizations that insures against damage to your buildings and contents due to a covered cause of loss, such as a fire.
- Who’s it for?
Businesses and other organizations that insures against damage to your buildings and contents due to a covered cause of loss, such as a fire.
- What is offered?
- Business Personal Property (Contents)
- Inventory
- Building/Structure
- Tenant Improvements
Commercial Property Insurance in California
Proudly Providing Commercial Property Insurance to Companies in California and Throughout the West Coast
What is commercial property insurance?
Many businesses in California have made sizeable investments in physical assets. Purchasing commercial property insurance is often an effective way to protect those investments and assets.
Many California businesses have buildings, equipment, inventory and other assets. Commercial property insurance may help protect physical assets kept on a business’s premises.
What businesses in California need business property insurance?
Most businesses that own physical assets ought to consider business property insurance. If a business owns buildings, equipment, inventory or supplies, insurance is likely recommended.
Sometimes businesses are required to purchase business property insurance, particularly for assets that are either leased or financed. Insurance is a common requirement in lease and finance agreements, as the insurance can ensure a lender’s financial interest in an asset is protected.
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What coverages can businesses get through business property insurance policies?
Businesses might get several protections through a business property policy. Some frequently offered coverages include:
- Building Coverage: Might cover owned buildings and secondary structures
- Contents Coverage: Might cover equipment and goods on a business’s premises
- Tenants Betterment Coverage: Might cover the build-out of a leased space
Do commercial property policies cover goods when they’re off-site?
Commercial property policies often restrict their contents coverage to only when equipment and other goods are actually at a business’s location. Coverage for when goods are taken off-site may be obtained in a few different ways.
First, some commercial auto policies provide limited coverage for goods that are kept in company vehicles. This coverage is usually quite limited when it’s available.
Second, inland marine policies may provide coverage for equipment when it’s transported between locations. This coverage could apply when equipment is in a company vehicle or on a towed trailer. Goods can also be covered by inland marine, although the coverage is typically reserved for high-value items like equipment.
An insurance agent who knows commercial property policies well can help businesses ensure that their equipment and goods are well-protected wherever the goods might go.
Should home businesses have a commercial property policy?
A couple of factors should be considered when evaluating how to insure the equipment and goods of home businesses.
First, business owners should determine the value of their business’s goods. Insurance may not be needed if the goods that a business uses aren’t worth much, but it probably should be purchased if the goods’ value is at all significant.
Second, some homeowners insurance policies have optional coverage for business assets. This coverage isn’t always available, and the coverage’s limits are often low when it is offered. If homeowners-provided coverage is sufficient for a business, though, this is likely the most convenient and most affordable way to insure assets.
If insurance is needed and adequate coverage isn’t available, a commercial property policy probably should be purchased. An experienced insurance agent can help evaluate these considerations.
How much are premiums for commercial property policies?
Premiums for commercial property policies vary significantly. A business’s location, buildings, equipment and goods are merely some of the factors that impact cost. So too can a business’s chosen coverages, chosen limits, past claims history and many other details.
An independent insurance agent can help businesses find out how much insurance will be for their property. Independent agents are able;e to request and compare interest rates from multiple insurance companies, rather than just one preferred company.
How can businesses in California get commercial property insurance?
For help insuring property that’s located in California, contact Truck Writer Insurance Services. Our agents have worked with many businesses to insure their buildings and goods, and we’ll help you find the commercial property insurance that your business should have.
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