If your business is in a physical location and you have employees then commercial property insurance is a must-have for you. These properties are vulnerable to all sorts of risks and damages, resulting from fires, storms, thieves, and so on.
Regardless of the size of your business, surely there are several costly items inside which require some level of protection. Therefore, commercial property insurance can provide you with the level of protection that suits your business’s needs.
Commercial property insurance offers protection to your building, supplies, inventory, tools, equipment, furniture, and other valuables.
Also, any outdoor fixtures you have will be covered, such as signs, outdoor furniture, and fences.
When you purchase an insurance policy, you have to know what all is covered and what’s not. Therefore, you’ll need to choose between an open peril and named peril policy. These policies are very distinct from one another so you need to be aware of their key differences.
The value of your property and physical assets will ultimately determine the cost of your commercial property insurance. For example, if you sell high-end furniture you’ll likely pay more than someone selling custom t-shirts. This is because the more expensive the product, the more protection you’ll need.
Also, if you run your business out of your home you’ll pay far less for insurance. This is because office buildings tend to be worth more so they require greater protection.
Therefore, let’s take a look at the factors that can affect the cost of a commercial insurance policy:
According to a survey, the average cost of commercial property insurance is around $63 per month while the yearly cost can amount to $756.