Property insurance companies, in fact the entire insurance industry, is quite newsworthy. Most companies are financial giants, the sector is highly regulated and property insurance is always part of the story when natural disasters arise. For those reasons and many more, your business can find many sources of information on property insurance news and trends.

Just as not all commercial real estate insurance is the same, not all sources are equal. As your business collects and assesses news on property casualty insurance and property insurance providers, be sure to check and compare sources. That will ensure your company gets a balanced view of what is happening in property insurance. To find information on the news and trends in commercial real estate property insurance, note the following points:

1. Professional insurance organizations collect all general property insurance news stories.

2. Business news sources carry accounts of trends in property insurance coverage.

3. Property insurance providers post company and general information.

Action Steps
The best contacts and resources to help you get it done

Check professional insurance news sources first

There are several national and state insurance organizations that collect news, data and trends about the insurance industry. Some archive general news, while others focus on specific segments, such as property or casualty insurance. It might be a good idea to check both types of sources initially. Once your staff is grounded in property insurance news and trends, it can select the sources to follow.

I recommend: Subscribe to the Insurance Journal. Your team can get daily national and regional casualty and business property insurance news as well as information on trends delivered online or in print. You can find all the insurance news that is news at the Insurance Information Institute website. If you don't find the information you seek right away, check other categories such as "Issues Updates," "Facts and Statistics" and "Press Releases." For a quick glimpse of what's happening with property insurance companies, access Insurance Headlines.

Use business sources for news about commercial property insurance

Because property insurance is a big business and property insurance companies control vast sums of money, industry news and trends make frequent appearances in business publications and on business-related websites. Accounts written by their staffs are usually quite informative and straightforward. They should be included in your firm's news portfolio.

I recommend: Encourage your staff to check Yahoo Finance and Newsvine.com regularly for commercial property insurance news. They also can access the archives for past news accounts (or even get property insurance quotes). Frequent visits will allow your team to track trends.

Read about news and trends at the websites of property insurance companies

As your business narrows the choices among property insurance providers, take the time to check each one's news accounts. Not only will you be informed about news and trends important to those companies, you will pick up some intelligence about them and a feel for their corporate culture. All of those factors can help your decision making.

I recommend: Visit the "Newsroom" at Nationwide Insurance for the latest property insurance news and trends. Encourage your firm to sign up for email alerts. At FM Global you can evaluate company and industry news as it is posted.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  In instances when you find opposing interpretations of trends or news accounts, check additional sources for consensus or discuss the situation with a local property insurance agent.

All small businesses need commercial property insurance. Commercial property insurance or commercial real estate insurance not only covers actual storefronts or real property, it also covers business property inside your store or office. Commercial real estate insurance covers the actual real estate and building.

Business equipment, office equipment, computers, office furniture and supplies necessary to do business are covered under commercial property insurance. Property owner insurance is a must if you own the real estate.

Business owners who do not own their own property also need business property insurance. If your business rents or leases the property where you do business, the owner will have property insurance on the building itself. However, as the business owner, you need small business property insurance to insure equipment, supplies, signs and any property you may be holding for customers.

Property insurance protects your small business and business property insurance gives you an umbrella for your business needs.

Commercial property insurance includes property owner insurance, but should also cover other liabilities that arise from your business. Liabilities can arise from:

1. The general public being injured in your place of business;
2. Damages to the property of customers while it is in your place of business; and
3. Damage caused by you or your workers in the home or property of a customer.

Action Steps
The best contacts and resources to help you get it done

Buy commercial property insurance specific to your business

Carry all the types of commercial property insurance your particular small business needs. Property owners need the building and contents insured under their commercial property insurance. Make sure the property insurance quote you get includes coverage for business equipment, business vehicles, office supplies, computers and technical equipment. If your business has specialized equipment, make sure the property insurance companies are aware of the current and replacement value.

I recommend: Check out the Insurance Information Institute for in-depth insurance information specific to your business needs.

Add liability to your property insurance coverage

Service related small businesses need to carry adequate amounts of liability on their commercial property insurance. If your small business is a restaurant, motel or other service related business, you need protection from public claims of injury. For example, if you own a restaurant, you need property insurance for fire; liability if there is a slip and fall or a customer gets sick at your business.

I recommend: Choose a Business Owner Policy, or BOP for small business with less than 100 employees. A BOP wraps commercial property insurance with commercial vehicle insurance and can be less expensive. Make sure liability insurance is included in your policy.

Get property insurance quotes from more than one company

Compare commercial property insurance and property insurance companies online, before you buy. Select the type of property insurance you want and use an insurance quote form online. This is a great time saver because you can receive up to ten quotes just by filling out one form.

I recommend: Using Netquote to receive property insurance quotes from several property insurance companies with just one form to fill out.

Invest in a sound property insurance company

Educate yourself about property insurance companies, their good or bad ratings as financial institutions and ratings from customers. Property insurance companies need to be strong financially as well as offer excellent customer service.

I recommend: Check the rating of the property insurance company that you’re looking into. Review the customer satisfaction rating of the property insurance company as well.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Contact any professional organizations you belong to regarding commercial property insurance, you may save money as a member.
• •  Update your commercial property insurance when new equipment or vehicles are bought, to assure you are totally covered.

Property insurance protects your business from losses to its property. You can get protection for risks such as theft, fire, flooding, and some weather-related incidents. Commercial property insurance generally protects your company against two categories of risk: named risks and open risks. To recover losses from named risks, your business property insurance policy must list the cause of the loss. Common named risks are theft and fire. Open risk coverage means your commercial real estate insurance protects against all causes of loss not specifically excluded by the policy.

Business property insurance basically provides for the replacement of real estate and property, such as equipment and office furniture. Terms of your firm's policy can provide extended coverages if rebuilding costs exceeds policy limits well as other options for extension. Your staff can find lots of information about when they do the following things:

1. Research property insurance companies.

2. Compare property insurance quotes.

3. Purchase property insurance coverage from a recommended provider.

Action Steps
The best contacts and resources to help you get it done

Search for property insurance providers online

Encourage your business to check the Internet for property insurance basics, such as types of coverage and recommended providers. Also have your team contact business organizations to which your company belongs for information on property insurance companies and policy terms.

I recommend: Visit the website of the Insurance Information Institute for general insurance information as well as company profiles and data. For general business insurance information, have your staff review the content at Capital.com. The descriptions of recommended types of business insurance will be quite helpful.

Find property insurance coverage specific to your needs

Property insurance quotes are the bottom line for your business. Search for the right commercial property insurance coverage by using specific parameters. When you request quotes, make sure to include all the property insurance coverages you need, including coverage for machinery and equipment such as computers, office supplies and vehicles. If your business uses specialized devices, you will require a personal price quote, usually after a site visit by an agent.

I recommend: BuyerZone.com has a fantastic online buyer's guide that explains all of the ins and outs of sourcing commercial property insurance. Apply that knowledge at Net Quote. Its website allows you to get several quotes from top insurers to compare.

Buy commercial real estate property insurance from a trusted source

Take the time to learn about the property insurance companies you are considering. Your staff can find ratings for most providers from various sources. Insurance companies, including property insurance providers, are rated on their overall financial strength and customer service. Check national and state rating services, including your state insurance council.

I recommend: Scan the business insurance rankings at UnitedRankings.net. In addition to the rankings, it offers helpful information about property insurance companies. Check the ratings at the Florida Insurance Council. Its rankings are a good example of state insurance council assessments.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be sure to have liability insurance in your company's property insurance protection. Known as commercial general liability (or CGL), it will protect your business in the event of bodily harm to customer or client, damage to someone else's property, slander or libel and false advertising.
• •  When your business acquires new equipment, don't forget to update your commercial property insurance coverages.

Property insurance is an important form of insurance for businesses to consider. However, as with most contractual obligations, there is quite a bit of fine print involved when it comes to property insurance policies. Instead of becoming lost in the subtle nuances and specifics of a property insurance policy, arm yourself with an education of important and popular key terms and concepts that will allow you a broader and more thorough understanding of the key concepts used in the world of property insurance.

Action Steps
The best contacts and resources to help you get it done

Named-perils policy

A named-perils policy is very limited in what it will cover. Such policies will cover only losses and damages that occur to a property as a result of specific perils named in the insurance policy on the property.

I recommend: A named perils policy is compared with an all-risk policy at AllBusiness.com.

Business owner's package policy

A business owner's package policy, abbreviated as a BOP, is a bundle insurance package. The package covers not just property insurance, but also liability insurance. BOPs offer one affordable premium with broad coverage, intended to appeal to small businesses.

I recommend: Details on a business owner's package policy are examined at California-Health-Insurance.com and INSABC.com.

Experience rating

An experience rating is an indication of an individual's or business' history of insurance claims. This rating may be good or bad, and it will affect the average premium a business is charged.

I recommend: WorkersCompInsider.com examines the basics of experience ratings for insurance as an aspect that may drive up the costs of premiums for insurance policies. A generalization of the term is offered at wcbsask.com.

Retroactive date

The retroactive date is found on a claims-made policy. It states specifically when the policy was formed and what the policy period is for the insurance coverage. Any loss that occurred prior to the policy date takes place on a retroactive date and will not be covered by the policy.

I recommend: FindArticles.com explains the retroactive date of policies as a means to minimize coverage problems when it comes to insurance claims.

Actual cash value

A property insurance policy's actual cash value is abbreviated as ACV. The ACV of the policy is the replacement costs minus the lost or damaged property's physical depreciation.

I recommend: At EQGroup.com, actual cash value is compared with replacement costs for property insurance.

Commercial genera-liability insurance

Commercial general-liability insurance, also known as CGL insurance, is a basic liability policy. It covers bodily injury as well as property damage that has occurred. Still, many businesses opt to supplement their CGL insurance with other forms of insurance, such as workers compensation.

I recommend: Commercial general-liability insurance is explained in detail at TechInsurance.com.