All businesses rely on some form of property to maintain operations. If accidents or outside circumstances damage that property or render it unusable, the resulting losses and expenses may be devastating for your company. With that in mind, an adequate business property insurance policy is a necessity for all companies.

For over 25 years, the experts at Jean Deese Insurance Agency have operated with the mission of helping individuals, families and businesses in the Cullman area assess and address their insurance needs.

What Is Business Property Insurance?

Business property insurance lives up to its name by providing crucial financial protection for property used to operate your company. This coverage, also known as commercial property insurance, is an integral part of any business’s insurance portfolio and includes coverage for many common incidents, including fires, burglary, lightning, theft and wind damage. Specifically, these policies can insure the following parts of your workplace:

·        Structures—If your physical workplace or other buildings used to operate your business, such as garages, are damaged, your insurance can help pay for repairs.

·        Equipment—If your business’s machinery or tools are damaged, lost or stolen, business property insurance can help pay for repairing or replacing them.

·        Inventory—If inventory is lost, damaged or stolen, this coverage can provide financial assistance.

·        Furniture—If workplace furniture, such as desks, chairs and tables, are damaged in a covered event, your insurance can reimburse you for your losses.

·        Outdoor fixtures—Business property insurance can also protect various outdoor elements of your premises, such as fences and landscaping.

For some businesses, it may also be necessary to augment your insurance portfolio with additional coverage. For example, if your company regularly moves property between worksites, inland marine or equipment floater insurance may be necessary.

How Much Does Business Property Insurance Cost?

Like most types of insurance, the cost of an adequate business property policy may vary significantly. Before being able to provide you with an accurate quote, insurance providers must weigh several factors. In most cases, the following criteria may be considered:

·        Industry

·        Location

·        Property value

·        Safety features (e.g., sprinkler systems and security systems)

·        Policy details (e.g., coverage limits and deductibles)

Get the Right Coverage

Regardless of sector or size, all businesses depend on some form of physical property to function. Furthermore, even the safest and most diligent companies are at risk. Certain circumstances, such as fires and weather, may be out of your control, but still lead to significant losses. Without adequate business property insurance, paying for repairs or replacements out of pocket could have irreparable ramifications.

We’re here to help. At Jean Deese Insurance Agency, we will work with you to identify your business’s coverage needs and craft optimal policies. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.