If you had no premises or you lost your business assets it would impact on the profitability of your company and could leave you in a difficult financial position.
That's where commercial property owners insurance comes in.
What is business property insurance?
There are typically three main areas covered under commercial property owners insurance:
Business buildings insurance
If you are the owner of the building or premises you work from you should make sure that it is adequately protected.
Commercial building insurance ensures you are protected in the event of damage to your property caused by fire, flood or another event. If you own business premises which you don't currently use then you should also consider unoccupied commercial property insurance.
Commercial property contents insurance
Commercial contents insurance protects all your business stock and equipment in the event of fire, flood, theft and other risks. This is vital if you couldn't afford to replace your business assets if they were stolen or damaged.
Public liability insurance
Finally, business property insurance also often includes public liability insurance. This protects you against claims from members of the public for injury or damage to their property sustained as a result of the operation of your business.
How to get the best business buildings insurance quote
When you analyse a commercial property insurance quote it's important that you make sure it protects you against the risks your business faces.
Make sure you include both contents and commercial buildings insurance if appropriate and make sure the policy covers the specific type of property you own (shop, office etc.)
It's also important that you make sure you take out sufficient cover. Some commercial property owners insurance policies have limits on the amount they will cover.
Make sure that the total value of your business contents (including things like IT equipment, furniture, carpets and stock) is covered otherwise you could leave yourself out of pocket.
You must also check for exclusions about the type of contents and claims that can be covered by, and made on the policy to ensure that the policy you pay out for provides you with adequate protection.
Check each policy you consider for any restrictions that keep them from fitting your needs. Some policies may not cover particular types of building or business that they view as "high risk".
Many policies will come with lower premiums if you have a sufficient security setup, with an alarm system and entrances secured by decent locks.
Taking the time to compare commercial property insurance quotes and researching both the costs and benefits of the policies on offer is a must.
Make sure you don't compromise on the quality of your business property insurance as you could find yourself facing a huge bill if your policy won't pay out when you make a claim.
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