Property Insurance Basics

Guard your business assets with property insurance

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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

• 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.

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