Safeguard your company’s physical assets.

Property insurance typically covers your building (i.e., your store, restaurant or office) whether you rent or own. It can also cover the assets inside, including furniture, office equipment and inventory. Certain types of property, such as vehicles and items in transit, are not typically covered, but coverage is available through different policy types, such as commercial auto insurance and inland marine insurance.

The cost of property insurance for small businesses depends on many factors.

Some of these factors have to do with the value, construction, and location of the property. If you’re in an area with an elevated risk for storms or wildfires, your coverage costs will reflect this. Likewise, a larger, more expensive building will cost more to repair or replace, and the age and building materials can also impact risk.

Other factors have to do with how much coverage you secure. Although it’s important to buy coverage that reflects the full value of your property, you can opt for either replacement cost coverage or actual cash value coverage. Actual cash value coverage may be reduced by depreciation, so your payout may not be enough to cover rebuilding costs, but this coverage tends to be less expensive. You can also decrease your premiums by accepting a larger deductible, but you’ll be responsible for this cost in the event of a loss.

The nature of your business can also impact your rates. For example, a restaurant has more fire risks than an office, and insurance rates can reflect this.

The best way to see how much you might pay for commercial property insurance is to get a property insurance quote.

Landlord property insurance is designed for the owner of a rental building. It covers the building itself. Rental property insurance may refer to renter’s insurance, which is designed for a tenant renting a space and covers that tenant’s belongings. Both coverage types should be in place to provide adequate coverage for both the landlord and the renter.

No, standard property insurance does not cover floods or earthquakes. Some natural disasters, including wildfires, hail and windstorm damage, are typically covered, but floods and earthquakes are excluded. You can secure coverage for floods with a flood insurance policy, and you can secure coverage for earthquakes with an earthquake insurance policy.

Commercial property insurance is suitable for many different business types. If you have an office, store, restaurant, or other physical location, you may need commercial property insurance to protect your assets and to fulfill your contractual obligations. Coverage provides important protection regardless of whether you rent or own your location.

Although commercial property insurance is not usually legally required, it may be required under the terms of your rental agreement or bank loan.

To get a commercial property insurance quote, you’ll need to provide a little information about your business and location. Use the link below to get started.