3 Important Reasons You Need Commercial Property Insurance

Regardless of industry, businesses often depend on various forms of physical property to conduct operations and maintain profits. Even in the digital era, when many organizations may operate remotely and conduct functions virtually, electronics and other tangible assets remain essential. Understanding commercial property insurance is critical. At SaveGuard Insurance, we can help your company find the right coverage.

Why is Commercial Property Insurance Essential?

Also known as business property insurance, these policies can cast a versatile and robust financial safety net for your company and its physical property. Exact coverage parameters may vary among carriers and policies, but commercial property insurance often includes coverage for many common incidents and perils and may address the following needs:

• Building damage—Companies often rely on a physical workspace to house operations. Even home-based companies commonly require some form of business property coverage, as homeowners insurance policies typically exclude commercial-related losses. If a fire, explosion or windstorm damages your building, your policy can insulate your business from out-of-pocket repair and rebuild costs that might otherwise devastate its finances.

• Personal property losses—In addition to buildings, your company’s insurance can also help financially protect the contents of insured structures. Office spaces, warehouses, garages and other buildings may all contain valuable commodities and essential assets. Theft, burglary, fires and other covered perils could damage and destroy electronics, tools, equipment and furniture, potentially leaving uninsured or underinsured businesses facing expensive losses or even without the means to maintain operations altogether.

• Compliance—Although commercial property insurance is not typically required by law, there may be times when your company is beholden to certain obligations. For example, if you rent your offices, your landlord may mandate coverage. Similarly, mortgage lenders often require commercial property insurance if you’ve purchased your building with their financial assistance.

We’re Here to Help

Contact SaveGuard Insurance in Hayward, California, today to learn more about commercial property coverage and find the right policy.

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.