Understanding Business Property Insurance

Businesses of all sizes and across various sectors rely on buildings, tools, electronics and other physical property for many tasks and functions. Unfortunately, these items can be damaged, stolen or lost at any moment and must be covered by appropriate insurance policies. When addressing your company’s coverage needs, business property insurance can form a core pillar of your risk management and loss control measures.

What Is Business Property Insurance?

Also known as commercial property insurance, this type of policy can offer versatile coverage for many tangible assets and items, potentially limiting the financial consequences of many common incidents. Without suitable coverage, an untimely accident or unforeseen situation could leave you unable to conduct normal operations and facing unbudgeted out-of-pocket costs.

What Can My Policy Cover?

Business property insurance may limit repair or replacement costs needed after various possible incidents. Specifically, you might be eligible for financial aid in the wake of the following incidents:

• Fires
• Burglaries
• Vandalism
• Explosions
• Hail
• Windstorms
• Certain types of water damage

Should a covered incident occur, you can file a claim to assist with repair or replacement costs involving your insured physical property. In many cases, your business might be able to recoup losses involving the following:

• Structural damage
• Broken or damaged equipment
• Stolen goods and inventory
• Damaged signage and landscaping

How Much Does Business Property Insurance Cost?

Many factors and carriers can influence commercial property insurance rates, and you must carefully analyze your situation when determining your premiums. In many cases, the following elements of your business may be considered:

• Location
• Industry
• Number of employees
• Building square footage
• Estimated rebuild costs
• Value of insured contents
• Claims history
• Policy details (e.g., deductible, limits and endorsements)

Find the Right Coverage

Goh Insurance & Tax proudly works with Las Vegas businesses to help them secure their financial interests with a suitable insurance portfolio. Contact us today to discuss business property policies and procure the right coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.