Commercial Property Insurance covers damage suffered by your business’ building and it’s content

by DAVIS BROWN PRC Agency

Commercial Property Insurance covers damage suffered by your business’ building and/or its contents, such as a flood, fire or anything affecting the physical space. We will replace damaged items or reimburse costs to put the building and/or contents back to its previous condition. We will carry out an assessment of your commercial property, looking at the age, state of repair, regular maintenance and value to calculate a premium price for it.

Being your own boss and running your own business can be highly satisfying and rewarding. However, it also brings its own set of responsibilities. Whatever kind of business or building you’re in, you’ll need to warrant it’s protected, and that any potential risks are covered by the right policy.

So what does Commercial Property Insurance cover and why is it essential?

With Commercial Property Insurance your property will be protected from fire, flood and other disasters that can cause damage to the building. Smart Cover’s Commercial Property Insurance also enables you to insure the contents of your building and protect your fixtures and fittings such as shelving/flooring. This policy will cover the cost of repair or replacement if the possessions of your business are damaged, lost or stolen.

Commercial property insurance protects your company's physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren't covered by commercial property insurance, unless those perils are added to the policy.

Typically, insurance premiums for commercial properties are set by multiplying the value of the building and its contents by a value that correlates to level of risk. Most of the time, properties with high risk have higher property insurance rates, while lower risk properties cost less to insure.

Additionally, if members of the public are able to come and go in and out of your property, it’s crucial you are covered in the event of an accident or you could risk being liable to pay thousands in court.