The physical space and equipment you use to run your business can be protected from damage or loss by Commercial Property Insurance from Ansay & Associates. We’ll give you peace of mind by helping you find the best coverage for the right price, and you’ll be able to rest easy knowing that your organization is protected from fire, theft, or natural disasters.
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Insurance for commercial property, depending on your specific needs, can protect different types of commercial property, including equipment and buildings. Commercial property insurance works in a similar way to personal property insurance. This coverage is not for general wear and tear, or for tenant’s use of your space or equipment. Instead, commercial property insurance protects your organization from damage and destruction caused by natural disasters, theft, and fire. There are several types of property and casualty insurance for commercial property, and it will largely depend on the industry you are in and the type of property you need to protect. Here are some common options:
This type of coverage is a combination of business property and liability coverages. This can provide basic protection, but is generally not comprehensive, and needs to be bundled with other types of commercial property insurance.
Just like the name implies, this type of property insurance protects your business if damages from a disaster require you to close up shop for an extended period.
This coverage protects your commercial property in transit, whether you are delivering goods and equipment, or travel to provide services to your clients.
Most commercial property insurance will cover damaged or stolen property, but not the cost related to the crime itself. This coverage can protect from forgery and fraud as well.
Sometimes equipment breaks down or malfunctions through no fault of your own. This can be a major disruption in day-to-day operations and expensive to fix. This policy helps cover those costs and get you up and running again.
When your commercial property is damaged, basic insurance covers the cost of repairs and replacement, but sometimes there are fees associated with building codes and other city/state ordinances. This property insurance coverage helps cover those costs.
Commercial property insurance is unique in that there are rarely one-size-fits-all coverages. Before selecting the coverage you need, here are some important considerations you will want to keep in mind:
When deciding how much commercial property insurance you need, considering the value of what commercial equipment and real property you want to cover is going to be the priority. Valuing something, especially if that value might diminish (equipment) or grow (like real estate) over time, is not always an easy task. The two primary calculations you can use are Replacement Cost (how much it would cost to replace a piece of commercial property in today’s dollars) or Actual Cash Value (the value of an item after calculating its age, use, and other depreciating factors). The primary difference is in how commercial property insurance coverage calculates reimbursement: RC will consider how much you need to replace property that has been stolen or damaged, but ACV will look at the value of what was stolen or damaged and reimburse you with its depreciated value. Which valuation you use will depend on the property you are insuring and the premium you want to pay.
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Workers CompensationFrequently Asked Questions
Commercial property insurance can cover a variety of damages affiliated with natural disasters, fire, and theft. There are multiple types of coverage that protect everything from glass to equipment you take to a job site.
The cost of insurance will depend on a variety of factors such as the type of commercial property you are looking to cover, its location, and potential risk exposure.
The short answer to this question is: Yes. Leased equipment and property often requires some type of coverage, but this is rarely comprehensive.
Insurance for your business and commercial property can be counted as an expense and is tax deductible.
Specific commercial property insurance coverage will vary, but theft is generally included in most policies.
Ansay & Associates Partners with Ironwood's Brookside Insurance Agency
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Protect your business from natural disaster damage, fire, and theft with a Commercial Property Insurance plan. Call today and speak with an Ansay & Associates specialist – we’ll help you find the protection you need.
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