Who Needs Commercial Property Insurance

modern office property - commercial property insurance

If you’re renting your commercial property, you may wonder if you need commercial property insurance. There are other questions you might have about who does and does not need to purchase this type of insurance. It’s very important that you know exactly what your unique situation is. 

Do Renters Need to Worry About Property Insurance?

large business entry
Business owners should bundle their insurance to get the lowest premium for the most coverage.

You may be in a situation where you are renting your commercial space for your business. If you find yourself in this situation, you may be wondering if you have to have property insurance; after all, it’s not your property. The fact of the matter is that commercial property insurance covers more than just the building itself. Even if you’re renting the space, odds are that you own all the equipment you use. That would all be covered under this insurance. Furthermore, you want to make sure that your inventory is covered in the case of an accident. Since you’re renting, there may be circumstances outside of your control that could cause you to lose your inventory, and you want to be sure that you’re covered if this happens.

Will I Need to Have Insurance to Sign a Commercial Lease?

This is a tougher question to answer as it can vary from location to location. In some areas, you may need insurance to sign a commercial lease, and it’s advisable you take care of that as early as possible. You don’t want to miss out on a great opportunity because you didn’t have your insurance needs taken care of.

This article has hopefully shown you the importance of getting your commercial property insurance. Contact us on our website for more information, and we’ll be happy to give you a quote. Prince Insurance is here to take the stress out of business insurance.

What is Covered in Commercial Property Insurance

If you’re going into business for yourself, then you need to make sure you’re educated about commercial property insurance. It’s essential that you know all of the ways you can protect yourself and your business in the event of a catastrophe. Take the time to familiarize yourself with the facts so you can have all of the tools on your side to make sure your business is as successful as it can be.

Why Does My Business Need All of This Insurance?

modern office property - commercial property insurance

When you go into business for yourself, you’re making a massive investment and taking a big risk. It’s essential that you invest in general liability and commercial property insurance. Since you’ve made this big investment, you don’t want a stroke of misfortune to undo all your hard work. It would be terrible to have years of blood, sweat, and tears undone in a moment of terrible luck. Fortunately, if you invest in insurance, that doesn’t need to be something that keeps you up at night.

What Does Commercial Property Insurance Cover?

Commercial property insurance is what you need to make sure that you’re covered in the event of a disaster. Luckily it covers basically everything you will need to resume your business as soon as possible. It will cover your office equipment, including computers, phones, and any furniture, regardless of whether it is owned or just leased. It will also cover accounting records and other important company documents. All of your inventory will be covered, which will be a huge relief in the event of a tragedy. The building itself will be covered, whether it’s owned or rented. Any manufacturing or processing equipment will be covered. Finally, exterior items such as fences or satellite dishes will be covered.

This article has hopefully shown you the importance of getting your commercial property insured. Contact us on our website for more information, and we’ll be happy to give you a quote. Prince Insurance is here to take the stress out of business insurance.

Commercial Property Insurance for Your Colorado Business

open office spaced filled with people working at their latops

After years of deliberation and saving, you finally made the jump and opened up your business in Colorado. Congratulations!

Now that it’s up and running, to make sure that a simple accident doesn’t result in your dream business coming to a screeching halt, the best thing you can possibly do is invest in quality Commercial Property Insurance.

What is Commercial Property Insurance and Why Do You Need It?

You can think of your Commercial Property Insurance policy as your saving grace in the event that your business suffers an unforeseen accident, however major or financially impactful.

Instead of you having to dig into your or your business’s pocket to recover from such an accident, potentially putting your business and employees at risk in the process, you can simply rely on your insurance to help you recoup your losses instead.

More specifically, you can expect Commercial Property Insurance to cover such things as:

open office space with a long working table in the middle
Commercial Property Insurance can help you quickly recoup from costly mistakes or accidents.
  • All office equipment, including computers, phone systems, and furniture (whether owned or leased)
  • Accounting records, business data, and other important company documents
  • Inventory
  • The building your business is housed in (whether owned or rented) (see Builders Risk Insurance for even more coverage)
  • Manufacturing or processing equipment
  • Exterior items such as fences, signs, and satellite dishes

Finding the Right Commercial Property Insurance

In many cases, it’s not necessarily that businesses don’t have Commercial Property Insurance, but rather they don’t have the right kind of coverage for their needs; there’s nothing worse than realizing after the fact that your destroyed office equipment that isn’t actually covered under your policy after all.

That’s why taking the time to find an insurance company that’s familiar with your industry and understands your business’s specific needs is so important. Fortunately, Prince Insurance Group can help speed up the process, as we work to provide businesses of all shapes, sizes, and industries with tailor-made Commercial Property Insurance they can count on.

Learn what kind of coverage we can provide for your business by contacting Prince Insurance Group today.