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A Guide for Choosing Commercial Property Insurance

by | Feb 17, 2021 | Insurance | 0 comments

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Insurance 101: What is a Commercial Property Insurance?


Commercial property insurance is very important for business owners, especially if your business is home-based. A variety of businesses, including manufacturers, retailers, service-oriented businesses, and not-for-profit organizations carry commercial property insurance. 


This type of commercial insurance helps protect your business and its physical assets. It can pay your repair or replacement costs if your business property gets damaged or destroyed from a fire, theft, or other covered loss.



Let Simply help you with your commercial property insurance.


We know that finding the best insurance for you can be more complex than they seem. Simply will invest time upfront to get to know your business and your approach to risk, to get the most comprehensive cover at the best possible price. We will assess your various options and ensure continuous protection – and wherever possible, improve your cover, making doing business safer.



What Does Property Insurance Cover?


Commercial property insurance coverage can help your business for damages or loss of your property, like structures or buildings, and items including equipment, furniture, inventory, supplies and fixtures. It can help protect important business assets, like your business income.


If you can’t open because of a covered loss, it can help replace lost income for your company. It can also help cover the costs to repair or replace stolen, damaged or destroyed property, including property and equipment that isn’t yours but is in your care and custody.



What are the different types of commercial property?


Commercial property is real estate that is used for business activities. Commercial property usually refers to buildings that house businesses but can also refer to land used to generate a profit, as well as large residential rental properties.


Some examples of it are offices, retail stores, shopping centres, shops, industrial like warehouses, factories, for leisure like hotels, pubs, restaurants, cafes, sport facilities and healthcare like medical centres, hospitals, nursing homes.



How much can you save with the help of Simply?


We understand every business has unique needs. That’s why we work with you to customize your commercial property insurance policy. You can add more protection for things like valuable papers and records, which can help cover the costs.


Simply fill out our form to compare different commercial property insurance and Simply will make sure to guide you every step of the way in comparing the best and most affordable property insurance for you.



A guide to Commercial Property Insurance


We know that it is hard thinking about devastating events that could affect your business, but the reality is that sometimes these events happen. That’s why choosing the right property insurance is vital.


The simple fact is that commercial property comes in a huge range of shapes and sizes, accommodating a bewildering array of different types of business. That huge investment is protected and safeguarded by commercial property insurance.


The principle is simple and straight forward – insurance against the risks faced by owners of commercial property. Arranging commercial property insurance, however, may prove somewhat more complicated and involved.



Commercial Property Insurance VS. Landlord Insurance


If you invested in commercial property to let to another business or businesses you are, of course, their landlord. In that case, you are likely to find that the risks to property loss or damage are assessed differently by your insurer and you are likely to need specialist landlord insurance as a result.


The premiums may be generally higher than if you were occupying the premises for your own business. In many cases, business owners lease space to run their operations. If you fall into this category, check your lease to review your obligations in terms of insurance. In some cases, sole tenants will be responsible for insuring the building or must continue paying rent even if the space is destroyed.


It’s a good idea to review the lease with your insurance agent to confirm the insurance coverage you choose is sufficient and will protect you in the event of damage or loss of the property.



What does commercial property insurance cover?


Commercial property insurance covers your building, everything in it and just outside of it, including exterior signs, fence and landscaping, important documents, inventory, computers and furniture.


Coverage for crime losses, whether by outsiders or insiders, may be included in a package policy, or the commercial real estate owner may purchase any one of a number of separate policy configurations to protect against these losses.


A commercial real estate insurance policy that includes property and general liability coverage will help ensure that most of these costs do not affect your bottom line. 


Property insurance can help you repair or replace your damaged buildings; liability coverage can help pay for your legal defense and any settlements should you face a lawsuit.



Choosing the right commercial property insurance for your business


The coverage you need and the options you choose depend heavily on the type of commercial real estate you own. Businesses operating out of home offices should also have commercial real estate insurance, as homeowners insurance typically does not cover business losses. 


You must consider your location. One policy may cover multiple locations, but prices may vary depending on the risks of each location. For example, coverage will likely be cheaper for administrative offices than an industrial property, even if the two are only a few miles away from each other. Also, practice risk reduction by installing security cameras, fire suppression systems, and automatic alarms can significantly reduce the cost of coverage.


Choose endorsements carefully. Owners can choose endorsements to their policies to customize coverage in the areas where they need it most, such as field and row crop coverage for farmers or data loss coverage for banks. Business interruption coverage, extra expense coverage, and ordinance and law coverage are some common endorsements that are well worth the extra cost. Shop around with Simply.


Once you know exactly what coverage you need, get a few quotes from insurance providers with Simply’s help. Keep in mind that not all policies are created equal, so a cheaper price may have a higher deductible or coverage exemptions in the fine print.


Reach Simply today for support and advice on getting this right. Simply will enable you to confidently navigate the market, helping find quality cover at a very competitive price.