The Basics of Commercial Property Insurance Coverage
Every business owner knows the importance of property insurance to protect their property against damage from fire and other disasters. Frequently, a commercial insurance package will include protection for various scenarios in addition to property protection, such as general liability insurance and employee practices liability.
Property Insurance Considerations
Your insurance agent considers a number of factors when determining the best property insurance coverage for your business in Georgetown, TX.
Geographic location - If you live in an area with ample fire hydrants and a nearby Fire Department, your cost will usually be lower than if your home is situated in a rural location with limited resources.
Type of business - A restaurant or mechanical shop will typically have higher rates than an office building. Even if your business has a low fire risk, if you share a space with one that has a greater risk, your premiums tend to be higher as well.
Construction type - The type of materials used to construct your building affects your premiums. If your building is made with fire-resistant components, your commercial insurance rates will usually be lower than in buildings made from combustible materials. Your insurance agent looks at internal structures, such as stairways and floors, as well as the construction of the exterior of the building when determining your coverage.
Examples of Property Insurance Protection
The most common commercial property insurance claims involve some sort of damage caused by a fire or natural disaster. However, the typical policy also protects your business from theft and vandalism.
If you need help renovating your business after a devastating fire, don't wait to contact a fire damage repair service. Further damage can occur if you wait too long for help. Professionals are trained to assess the damage and develop a plan to get your business back to normal as soon as possible.
Talk with your insurance agent if you have questions about your commercial insurance policy.