A few years ago, Chris purchased an old warehouse at auction. He bought it with no real plan; However, less than a year later, he decided to turn it into a distribution warehouse for a tech company. He was suddenly responsible for a plethora of expensive inventory and knew he needed insurance but wasn’t exactly sure where to look. Fortunately, a friend recommended Insurance Maestro!
With their help, Chris was able to find the best commercial property insurance. Now, Chris can feel confident and comfortable knowing that in the case of inventory damage, he is covered.
At Insurance Maestro, we understand you want to find the best Commercial Property Insurance possible. It needs to strike the right balance between affordable and comprehensive. Our friendly team of insurance experts are here to support you, and we’re always happy to answer any questions you might have.
In order to give you a cost of property coverage for your business, any insurer will need to assess your assets, along with the risk profile of your company. The factors they will usually take into account are:
Commercial property insurance is usually split into two main elements; the contents and the building.
Commercial contents insurance provides you with coverage that will replace your company’s assets in the event they are damaged or stolen. It’s important to bear in mind that any coverage will usually be based on the cost price of the product, and not the final selling price.
Commercial building insurance is the element of your coverage that will pay for a rebuild or repair of your physical premises. If you lease your property, your landlord might already hold this coverage, but you’ll need to check this is the case without assumption.
AVC stands for Actual Cash Value, it takes into account the regular wear and tear of an item, and it means your items are replaced at their current value, rather than what you originally paid for them. If you bought a shiny new MacBook Air for $3k two years ago, and you make a claim under an ACV policy, you’ll get the present-day value of that device only, which won’t be anywhere near what you originally paid for it.
If you want to buy commercial property insurance that gives you coverage for a like-for-like replacement, then you’ll need to pay a higher price, and ask for a replacement as new policy instead of ACV.
As we always say, each insurer’s terms could be slightly different, but typically, you won’t be covered for general wear and tear, earthquakes, war, acts of terrorism, floods, and other natural disasters.
At Insurance Maestro, we want to help you find the best Commercial Property Insurance for your company’s needs. If you contact us directly, our team of experts will be happy to offer guidance about the different types of coverage you might need to buy.
At Insurance Maestro, we know that buying commercial property coverage is an essential step in giving you peace of mind and protection for your assets, your property, and your inventory. Whether you own your businesses premise or not; you’ll need property insurance for your company. Our expert team are here to make sure the process of buying property coverage is as easy and hassle-free as we can.
Commercial property insurance covers almost all of the assets inside your business premises along with the physical building. Whether you own or lease the property, you’ll need to buy this coverage. You can buy commercial property insurance on its own, or you can bundle it into a business owners policy.
You are a business of any size with equipment, inventory, furniture, company documents, signage, landscaping, or a property that you either lease or own. This pretty much covers all business entities, including those who work from home.
While each insurer may offer slightly different policy terms, you’ll typically find that your physical building, some external items, and the contents of your property are covered.
If you consider the cost of replacing any or all of these items, and compare that with the cost of buying commercial property coverage, this presents a compelling case as to why you should have this insurance, and just how much it could give you coverage for should an event occur that causes damage or a total loss of the above.
Our team of Commercial Insurance experts will be happy to discuss your unique needs. Contact us today, and we’ll work through the options for you, leaving you free to focus your attention back on your business.