No one likes to imagine that a fire, flood or severe storm will strike their work place, but property damage presents a risk to any business owner. In fact, hurricanes, floods, hail and other weather events caused more than $20.8 billion in property damage across the U.S. in 2011 alone – and that’s not even counting damage caused by theft, accidents, fires and other natural disasters.
Whether you lease, rent or own your commercial building or workspace, commercial property insurance can protect your physical assets or those you are required to insure under a lease or other agreement.
Business Property Insurance
Sometimes known as business property insurance, most commercial property policies cover either the replacement cost or depreciated value of stolen, damaged or lost property, such as equipment, inventory, fixtures and furniture. Your coverage may even extend to property that’s damaged or stolen when it’s away from your place of business.
If you rent or lease the space in which you do business, Pacific Unified Insurance can design a commercial property policy that covers the contents of the building, as well as any supplies or equipment stored off-site. If you own your location, your coverage may also extend to your landscaping, fencing and outdoor signage.
In addition to coverage for your tangible property such as buildings and contents, many commercial property policies also cover you for one of the biggest risks you face – the inability to use your building or equipment to generate revenue. In the case of severe losses, this indirect loss can exceed the value of the property that has been damaged or destroyed.
