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PROPERTY & CASUALTY
OCT 28, 2021
5 Things You May Not Know About Property Insurance
property & casualty
Commercial property insurance has many benefits to help protect businesses across sizes and trades. Even if your company already has property insurance, it’s helpful to understand the ins and outs of this essential protection.
Consider the following facts about commercial property insurance:
Property insurance is just one type of commercial coverage.
Commercial property insurance helps to protect the physical property owned, rented or leased to operate a business, and generally includes the building, equipment assets and inventory. It’s great if a business already has property insurance in place for the building or structure and the materials inside – but there are several types of commercial insurance designed to help round out the coverage for all elements of a business. In addition to property coverage and state-required workers’ compensation protection, many business owners also choose to have general liability, commercial auto and umbrella insurance, and may utilize a large deductible or group captive program to help reduce overall insurance costs.
Some policies cover more than physical damage.
Depending on the type of property coverage selected, you can also cover unique circumstances for your business property, such as mechanical breakdowns, business income interruption, and inland marine coverage for papers, materials and goods leaving the business property premises.
The cost of property insurance will vary.
There are many factors taken into consideration when the cost of commercial property insurance is calculated, including materials used to construct real property, the current condition of the building and its components (such as plumbing and electrical), status of safety equipment and measures, the industry worked in (for instance, a property such as a restaurant building may have a higher premium due to the likelihood of kitchen fire hazards), and the location of the property and the types of potential weather hazards to which the property is exposed.
Companies can take steps to reduce property risks.
Having property insurance works best when paired with risk mitigation plans for your business. Companies of all sizes should regularly examine and evaluate safety procedures and hazard mitigation for the building and its employees, including ongoing programs to create and sustain a safe working environment and appointing safety personnel to proactively identify potential risks.
An agent can help assess the amount of property coverage needed.
Property coverage plans can be customized for each policyholder. This can help ensure the plan meets the company’s budget and provides adequate coverage to help mitigate property risks.
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Amerisure’s premier property product, COMMAND Coverage®, offers comprehensive protection for commercial property coverage needs. Through our broad coverage capabilities, we provide the flexibility to insure a wide range of commercial property risks. COMMAND commercial property protection can be packaged to include general liability, commercial crime and mechanical breakdown coverage. As needs change, we offer the flexibility to increase limits and add coverage.