All You Need to Know About Commercial Property Insurance

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All You Need to Know About Commercial Property
Insurance
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• Its important that as the owner of a commercial
  property, you have adequate insurance to help
  protect yourself in the event of potentially
  harmful incidents such as fire, theft, storm
  damage, traumatic events and power outages, to
  name but a few. A comprehensive insurance policy
  may also cover you for any loss of income, or an
  increase in business expenses that result from
  any damage that has been incurred. To help you
  decide what type of coverage would best protect
  your commercial property, check out the following
  advice and guidance

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• What is covered by commercial property insurance?
• Covering your building and all of its contents,
  along with any exterior fixtures associated with
  it, commercial property insurance covers your
  computers, furniture and other equipment,
  important documents and records, and any
  inventory stored on the premises. Coverage also
  extends to cover damages caused by such things as
  a burst water pipe, vandalism and theft.
• Similar to homeowners insurance, commercial
  property insurance doesnt typically cover
  earthquakes, floods and other perils unless they
  have been specifically added to the policy.

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• Commercial property insurance and theft
• Should any items owned by your business be moved
  out of the premises, they can no longer be
  classed as personal business property, and are
  subsequently reclassified as inland marine. A
  separate inland marine policy must then be taken
  out in order for it to be covered at all a
  commercial property insurance policy will not
  cover these items. However, if you do have items
  of significant value or importance that arent
  kept at your business premises, then you must
  ensure that inland marine is part of your
  commercial property insurance.

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• To be more specific, equipment or business
  contents that have been moved more than 100 feet
  from the location listed on the policy, will no
  longer be insured by your standard commercial
  property policy.
• How much does it cost to insure a commercial
  property?
• There are several factors that can have an impact
  upon the cost of a commercial property insurance
  policy, such as

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• Construction of the property
• How old the building is and what condition its
  in can have a significant effect on insurance
  rates if fire-retardant materials were used, it
  can reduce rates, while dated plumbing and
  electrical systems can bump it up.
• Where the property is
• The location of your property can also have a
  significant impact upon insurance costs if you
  live in a flood prone zone or high-crime area,
  rates can rise substantially.

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• The type of business carried out in the property
• The industry that you work in can affect your
  insurance costs, as can the number of customers
  and employees that you have.
• Existing measures of protection
• If a commercial property has a robust security
  system in place, along with fire alarms and other
  security measures, this can significantly reduce
  insurance costs.

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• To find out whether your commercial property has
  adequate coverage, or to know more about
  upgrading your existing insurance package, talk
  to a local, reputable insurance company today.
• We Insure Miami was founded on the principle that
  every individual and business, big and small, has
  assets and valuables that need to be protected
  and insured against forces outside of our
  control. We offer Homeowners, Auto, business and
  commercial property insurance in miami FL. Our
  agents understand that you work hard every day to
  protect your car, home, business and family. WE
  are passionate about Insurance and passionate
  about serving you. If you are looking for
  insurance companies in Miami Florida, contact us
  for a quote or a complimentary review of your
  insurance policies.