Commercial property insurance plays a role in keeping your business's physical assets safe. Here are some things to look at when you're choosing the best business insurance policies for your growing business.
Are You Obligated to Insure Your Building?
Commercial property insurance may not just be a good idea; it might be required by your landlord. Especially if you are the only tenant on the property, check to see what your coverage requirements are. Many landlords make this a requirement of leasing because they don't want to be liable for business property issues (such as fires) that may be your office's fault.
The base of a commercial property insurance policy covers the building itself. The main structure is considered, and any additional buildings on the property (such as a shed) will need to be added to the policy to be covered.
What Is the Value of Your Possessions?
Another part of your business property insurance will deal with the cost of replacing your items in case of theft or another disaster. This will require you to list a value of the items that you want covered. In some cases, you might be asked to list the items that you want covered if they are big ticket items. It's up to you to figure in depreciation, etc. But in other cases, you might want to base the total of your insurance on the amount that it would cost to replace the items, and not on their current value. It all depends on how much insurance you personally feel comfortable with having (or not having).
Are Any Office Belongings Kept Offsite?
You should also note that a commercial property insurance plan is designed to cover items that are in your main building only. If employees take their computers to work off site, that can become tricky, so check with your business insurance broker for a solution. Another thing to note is that if you have an offsite storage unit, you can and should add this property to your commercial property insurance policy to cover the items that are in storage.
What Liability Do You Need for Others' Belongings?
Commercial property insurance will also cover liability for other people's items that happen to be on your property. That might be separate from your own property's insurance limits, so be sure to look at how much coverage you have and need in this area.