Commercial Property Insurance
Commercial Property Insurance Information
Commercial property insurance is a specialized policy to financially protect business assets from hazards, such as fire, theft, vandalism and extreme weather conditions. It may offer coverage for buildings, equipment, inventory, furniture and other assets owned by a business.
Why Is Commercial Property Insurance Important?
Commercial property owners should consider insurance for the following reasons:
- Protection against property damage—One of the primary reasons to invest in commercial property insurance is to safeguard your property against financial losses. Whether it’s a fire, storm or other covered peril, this insurance can help cover the cost of repairing or rebuilding your property.
- Coverage for business interruption—If a covered incident leads to a temporary halt in your business operations, commercial property insurance may alleviate the financial strain by helping to cover lost income and expenses like rent, salaries and utilities. This can help businesses stay afloat during challenging times.
- Liability protection—Commercial property insurance usually includes liability coverage, which can offer financial protection if someone is injured on your property or if your operations cause damage to someone else’s property. Legal fees and medical expenses can add up quickly, and liability coverage can help mitigate these costs.
Who Is Responsible for Commercial Building Insurance?
Commercial building insurance is typically the responsibility of the property owner or landlord. If you’re leasing a commercial property, the owner (landlord) usually carries the insurance for the building itself. This insurance typically offers financial coverage for the property’s structure, fixtures and other permanent features. The landlord’s policy may also include liability coverage, which protects against claims if someone is injured on the property.
While the landlord covers the building, tenants/business owners are responsible for insuring their business’s contents and operations. This includes equipment, inventory, furniture and other items related to the business.
Who Sells Commercial Property Insurance?
Contact General Insurance Services of Asheville Inc. to purchase commercial property insurance. We can make coverage recommendations based on your specific property.
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