A commercial property policy is purchased to cover damage to contractor’s own buildings, office contents, and most other personal property that it owns. A commercial property policy can also cover loss of income or increase in expenses that result from insured damage.
You might think that you only need property insurance if you already own the building, but regardless if you lease or rent a space you need business property insurance to cover what’s inside the building. Property insurance also covers any upgrades or improvements that you make in your workspace, such as custom desks or lighting.
Commercial property insurance can cost as little as $20 monthly depending on your individual situation and setup such as the type of work you do, amount of employees, the state you work in, claims history, how high your coverage limits are and your work experience. Before getting a quote it is helpful to know how much your property is worth and the value of your inventory and equipment. This information helps your broker figure out what the replacement costs will be and adjust your coverage so you don’t overspend on insurance.
Protecting your business means defending yourself against the fiscal risk of lawsuits and claims. For many businesses, one single lawsuit could be financially disastrous. Commercial property insurance protects your business assets and keeps your business running.
At Pascal Burke Insurance Brokerage Inc. (PBIBInc), our knowledge of the products and the marketplace we serve is unparalleled. As former contractors, we know the construction industry from the ground up!