Not all commercial property insurance policies are created equal. Understanding the coverage that protects your company’s assets is critical. Most cookie-cutter policies do not cover basic exposures that may be unique to your industry, leaving you nearly as vulnerable as if you weren’t insured at all. The worst part — you’ll still be spending money on being poorly covered.
Having the appropriate type and amount of coverage can prevent catastrophic losses while still costing you a minimal amount on your bottom line. At Brady Risk, every location we insure is mapped and analyzed so that the coverage offered addresses the unique exposures of each individual location. This allows us to help you maximize coverage for potential losses while minimizing unnecessary coverage and costs.
What Does Commercial Property Insurance Cover
Commercial property insurance is similar to many forms of property insurance. For example, a popular property insurance type that most people secure is homeowners insurance. This property insurance specifically applies to your residence. In a similar way, commercial property insurance is a policy you hold to protect your business. This insurance is vitally important whether you operate in a building you own, you lease out an office, or you even work from home. The right commercial property insurance will provide you with coverage for your business’ physical assets, not just the actual structure from which you operate.
Commercial property insurance will help protect you from a myriad of risks your business faces. For example, if a fire destroys your property, commercial property insurance will help to cover not only the structure itself but any items lost in the fire. A good policy should cover your building, your equipment, your inventory, and even any signage on your property. This means that whether a pipe bursts in the night or a storm rolls through and rips your sign down, your policy will be there to protect your assets.
It is important to note, however, that there are areas commercial property insurance might not cover. Make sure that you clearly understand what your property insurance covers so you can make up for the gaps through other risk management strategies.
What Policy Is Right For My Company?
Choosing the right policy is a must when it comes to commercial property insurance. The wrong policy could leave you with large gaps in coverage and you might wind up wasting money on something that won’t actually meet your needs in the case of an emergency. The number one issue with commercial property insurance policies is a one-size-fits-all approach. If you are working with an insurance company that doesn’t take the time to get to know your business’ specific needs, you can wind up with a policy that doesn’t fit your company. That is why it is critical that you work with a team who will properly assess your unique risks and work to find a solution that meets your needs. At Brady Risk Managment, we take into account the unique exposures of each individual location of your business to help ensure we do not miss any important coverage areas.
What Is The Cost Of Commercial Property Insurance
When it comes to running your business, every penny counts and you want to guard against anything cutting into your bottom line. However, just because you might be pinching pennies doesn’t mean you should neglect the purchase of property insurance. While none of us want to imagine the worst could happen to us, property damages are a common occurrence. The specific cost of commercial property insurance will vary greatly depending upon the assessment of risks to your particular property. If you want to know more about the costs of these policies, request a free quote from our team today. We can work with you to find something that meets your budgetary needs while still offering vital coverage for your company.
How The Team At Brady Risk Management Can Help
As pointed out above, we take the time to do more than simply pair you with any old insurance policy. Our team will apply our years of industry knowledge to your business as we assess what commercial property insurance will be best for you. Whether you operate multiple restaurants or you are a small business owner with a tiny leased office, we can help you find the right solution for your needs. When it comes to operating any business, there are numerous risks at hand. We work with you to address the entirety of your company’s risks, not just a small component of your business. We will be happy to help you find not only commercial property insurance but to also work with you to create a risk management strategy for your business as a whole. We help with everything from workers’ compensation policies to building a better strategy for handling potential lawsuits from employees.
Want to learn more about securing commercial property insurance? Please download the Excel spreadsheet Property Exposure and provide the details of your various locations to our team. This information is critical to addressing the exposures your locations represent and will better help us create a customized plan for your company. Unlike many insurance companies, we do not take a one-size-fits-all approach to our strategy. You can count on us to provide you with an intelligent analysis of your business’ risks. If you have any further questions about the Property Exposure spreadsheet or the information you need to provide, don’t hesitate to reach out to our team today.