There are many important types of business insurance for a small-business owner to have, and Commercial Property Insurance (or simply Property Insurance) is one of the most essential. This type of insurance can cover not only the building (or buildings) your company uses for day-to-day operations, but it can also protect the stuff inside: your equipment, furniture, inventory, and more.
What Does Commercial Property Insurance Cover?
When looking at Commercial Property Insurance, you have a few options available to you. If you don't own the building you use for your business, then simply insuring all the company property inside the building may be sufficient for your needs. This is known as Contents Insurance. Beware of assuming that your landlord's insurance (assuming he or she even has it) will cover your property, as this is not the case. As a tenant, you are still responsible for your own equipment and property within the space, though the landlord is liable for the building itself.
If you do own your company's building, you'll want to make sure that you have full Commercial Property Insurance to protect both the building and the stuff inside it. This can cover property damage and loss in a number of cases, such as:
- Fire damage
- Water damage
- Storm damage
If your company is struck with any of these unfortunate scenarios, your Commercial Property coverage will help you get everything repaired or replaced as soon as possible, allowing you to get your business back on its feet quickly. You plan for a lot as a small-business owner, but you can't predict everything. Making sure you have sufficient Property Insurance in place will go a long way toward keeping your business protected if any mishaps occur.
Property Insurance Is One of Your Most Critical Investments
If you're like most small-business owners, the fact is that you rely on your company's equipment to keep your business running. This makes Property Insurance one of the single most important investments you can make. Since property and equipment are essential and potentially expensive to replace, knowing that you can replace it fast – and without dipping into your business assets – if anything happens will bring you tremendous peace of mind.
You've worked hard to build your business. You may have had many successful years already, or you may be just starting out. You may have dozens of employees, or you may be a solo entrepreneur. Either way, you need your commercial property to work for you. Property Insurance is a smart way to make sure that the stuff you need for "business as usual" is carefully safeguarded, so that you can keep doing the job you love.