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Commercial property insurance protects businesses of all sizes. Whether you work at home, rent an office, or own your own building, carrying adequate property insurance can save you from financial disaster when life intervenes with one of its unexpected disasters.  Savvy business owners know that they must be willing to buy commercial insurance to protect the investment they have made in their businesses.

It should be first on the list of insurance plans for entrepreneurs launching new enterprises. Although nothing can make up completely for major losses or damage, these policies can protect owners from the risks of their business property disappearing or being damaged. Anyone who has done without adequate insurance can testify to the devastation caused by unexpected property loss.

Commercial, or business, property protection covers not only the building but also its contents. These include furniture, equipment and inventory. It also provides coverage for fencing and outdoor signage. For business owners who rent or lease their office space, insurance costs may very well be lower. They will need coverage only for the building’s contents. Supplies that are stored in the main building or off-site will also be covered.

Scenarios that could bring financial ruin to you and your company without insurance protection include storms that damage the building’s exterior and ruin signs and fences; fires that destroy the building and its contents or cause major smoke damage; and burst water pipes that can soak projects and important files.  Unfortunately, this is only a small sample of the things that can go wreak havoc to your business. The good news lies in commercial property insurance that fits your needs.

Your business assets can be lost, stolen, or hurt by accident. If company property is damaged while away from headquarters, it can still be protected by your insurance policy. The plan will compensate you for repairs to the property or pay for its replacement. Even if an item can no longer be replaced, some insurance policies will pay you for the item’s loss.

Sometimes an insurance agent will help draw together two important types of business coverage in one package. Business property insurance and a commercial general liability plan can be combined in a single business owner’s policy. This type of affordable coverage can be written only for low-risk companies. A licensed agent can advise business owners about whether they qualify.

Premiums for commercial property insurance will vary depending on whether they are set up to cover replacement costs or actual cash value, ACV. An ACV plan will pay you back for your property’s depreciated value, while a replacement cost plan reimburses you for what you will have to spend on the current market for equivalents to the lost or damaged items. Whatever its exact details, an appropriate business property insurance plan is a necessity for any smart business owner.

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