Commercial Property Insurance Coverage Tips

With the right commercial property insurance coverage, you can make sure that your business has adequate protection no matter what happens. This type of insurance covers physical assets for your commercial enterprise. Therefore, if your business premises catch fire, face flood damage, or get robbed, your commercial property insurance may help pay for the cost of recovery and repairs.

Every business has some type of physical assets, such as equipment, tools, inventory, shelving, computers, and office furniture. At Hawsey Insurance, we connect you with a business insurance policy designed with your industry in mind.

What You Need to Know about Protecting Your Business

If you own commercial property, it’s important to protect it from disasters, mayhem, theft, and other events. Commercial property insurance coverage can help you protect the following assets:

  • Inventory
  • Furniture
  • Personal property
  • Tools
  • Building
  • Equipment
  • Merchandise
  • Sales and promotional materials

Use commercial property insurance to help reimburse you for lost, stolen, damaged, or destroyed items covered under your policy. For example, if you have a fire that destroys your inventory, your commercial property insurance can help pay to replace the damaged or destroyed items.

Similarly, if your furniture requires repairs or replacement after a covered peril, you can recover the damages to chairs, desks, and other furniture up to your coverage limit (minus the deductible). Commercial property insurance may also cover your losses if you have to close your business temporarily, to make repairs.

Other Things to Keep in Mind

It’s also important to understand any hidden costs, tax benefits, and bundling opportunities that can save or cost you money.

Watch Hidden Costs

With a large deductible of say $5,000, you pay for all repairs up until the deductible amount. Then, your insurance coverage kicks in. A Hawsey Insurance agent can review your policy or help you find a new one that gives you a lower deductible at an affordable price. With the lower deductible, you keep more money in your pocket. However, your premium may increase.

Understand The Tax Benefits

Your commercial property insurance coverage is usually tax deductible. So, you can write off your insurance costs.

Bundle Policies to Lower Your Premium

If you need commercial auto insurance as well as business insurance, you can often save by bundling these products and buying them from the same insurance provider. In fact, you can bundle many types of commercial insurance to save money and expand your coverage.

The knowledgeable agents at Hawsey Insurance can help you find the ideal commercial property insurance coverage and advise you on any other business insurance questions. If you have a business in Mississippi or the surrounding states, we’ll be glad to review your existing policy for any gaps. Contact us today for a free quote.