Ensuring the future of your California business or financial interest in an organization, it’s important to protect it with a commercial property insurance policy. This will provide coverage for buildings or office space you own or space you lease along with most of your owned business personal property. Your policy can also provide coverage for any loss of income or expense increases that result from damages to buildings and contents.
Whether you lease space, own the building, or work from home, there are three basic categories for building and personal property coverage. The limits of coverage listed in your policy under each category will apply to a covered loss. The three categories are:
– Building property: This generally applies to the buildings and structures permanently attached to land. This will also include fixtures, indoor and outdoor, permanently attached to the building or structures for the insured location. Materials, supplies, equipment, and temporary structures on or within 100 feet of premises used during the course of construction for additions, alterations, and repairs to insured building or structures are also covered.
– Business personal property: Coverage is provided under this category for items located at the premises or used in the business such as indoor furniture, equipment, machinery, and fixtures. Depending on your needs, some items can be specified under either building property and/or business personal property. Improvements and betterments such as flooring, additions, installations made to a retail store fall under this category. The value of work performed on property of others is also covered such as the services provided by a dry cleaning business.
– Personal property of others: Any property that is in your care, custody, or control is allowed covered under this category. Inclusions can be property that is leased from others, property borrowed, customers property, employees property.
Additional coverage’s may need to be added for certain types of property. One example is getting coverage for vehicles stored and serviced by an auto body shop. This would require a garage keepers insurance policy in order to avoid any gap in coverage.
It’s important to know the values and details of your assets. Generating a list of the building features and when updates were last completed will help get you the best rate without the need to sacrifice coverage. The following are some ideas to help you be prepared when shopping for business property insurance:
We have programs that provide coverage for a wide range of business classes. Are you a landlord, small business, home-based business, manufacturer, or other type? We are sure to have a solution for you. Contact us and we’ll be glad to assist you.
Precision offers insurance products for businesses throughout California. Our selection of protection includes but is not limited to workers compensation, general liability, commercial auto, and professional liability. Located in Montclair, we specialize in a variety of business types that is sure to include yours.