Have you been researching your options for an insurance provider for business property insurance in Auburn? American Insure-All® wants to be a name that you can count on for reliable insurance policies that offer fair rates. Whether you’re a construction worker looking for a bid bond insurance for your next project, or you’re a small business owner looking for liability coverage for your services, we want to help your business thrive.
If your new business owner, you’ve no doubt been considering your options for protecting your assets. Here’s what you need to know about business property insurance:
What is business property insurance?
Commercial property insurance is designed to protect your business against damage to the building and contents from a variety of circumstances, including fire, theft, storms, and other such situations. In this way, it’s very similar to your homeowner’s insurance policy. As such, you can expect commercial property insurance typically cover the following:
Buildings you own or lease, as well as permanent machinery, fixtures, and equipment
On-premises business property, including non-permanent fixtures, machinery, equipment, electronics, store inventory, etc.
Other people’s personal property that’s in your business’s care or custody
Typically, when you design a commercial property policy, you can select what to cover. You can even choose to cover “open perils,” which includes all losses except those specified by the policyholder. As a result, open peril coverage tends to be more expensive than choosing specific causes of loss for your plan.
What is not covered under business property insurance?
Property protection is only one aspect of ensuring any business and should be treated as such. Property insurance is often purchased in tandem with a variety of other policies, including:
- Commercial vehicle insurance
- Commercial general liability insurance
- Commercial umbrella insurance
- Commercial crime insurance
- Workers’ compensation insurance
Commercial property insurance also is not designed to cover losses occurred by any tenant renting space in your commercial property.
What businesses need commercial property insurance?
If you own a commercial property, it needs to be insured. Even if you do business on your property or lease space to other companies or parties, some form of commercial property insurance is required to secure the area. At the very minimum, it is highly recommended for all businesses to have commercial general liability and property insurance policies.
When you’re designing a policy, make sure to consider these factors. Some things you might not even think of may cost extra. These factors can include:
- Goods in transit
- Data, records, and papers
- Damage incurred by boiler or machinery failures
- Damage caused by earthquakes, floods, crime, or glass damage
- Currency and securities
There are plenty of other items that can affect the cost of your policy, including measures taken to improve safety on your commercial property. Insurers also have to think about whether your business is high or low risk for claims, your location and how prone it is to disaster and crime, the amount of fire protection in your building, and other circumstances. You can usually find commercial property insurance bundled with different types of commercial insurance in a business owner’s policy or package that features lower rates for each item in the plan.
Whether you’re a startup looking for good coverage for your business, or you’re an established business owner wanting to upgrade your coverage with a reliable company, American Insure-All® wants to help you get the most out of your business protection needs. For more information about our options for business property insurance in Auburn, or to get your free estimate, call our team today at (888) 411-AUTO.
When our previous insurance provider decided to make a change in our career we were a little anxious. We had become accustomed to being on a first-name basis and getting quick responses to our requests. Little did we know at the time we had nothing to worry about as American Insure-All has more than met our previous expectations. Don and his team have been quick to respond to our needs and provide us with the peace of mind that we were looking for in a provider.