Whether you’re running a business out of your home or an office building, commercial property insurance is a necessity. It prevents significant financial drain by covering expenses and reducing downtime caused by accidents and thefts. If you’re interested in coverage, use the following guide to get started.

What to Know About Commercial Property Insurance

Do you need commercial property insurance?

A commercial property policy is recommended if you have valuable business assets that are crucial to your operation and costly to replace. Even if you work from home, the items you use for work — such as a computer or printer — should be covered. If you own a building that’s used for business, you definitely need a policy from a reliable insurance agency to protect your finances in case the building is damaged.

What does it cover?

Your policy may cover damage to the property inside, such as technology and furniture used solely for business purposes. Fires, floods, and theft are often included.

The terms can vary depending on the individual policy, as you can add options specific to your business. Work with an experienced agent to ensure all aspects of the property are covered.

When should you get a commercial policy?

You need commercial insurance as soon as you start the business or begin using expensive items for daily operations. If you don’t immediately cover these assets, you’re leaving yourself and the company vulnerable.

Policies don’t cover previous incidents or losses. If an incident happens before you secure coverage, you’ll have to pay for the necessary repairs or replacements.

How is the price determined?

If the building is included in the policy, its current condition, including its electrical, roofing, and plumbing systems, will be factored into the monthly premiums. If these systems are old and more likely to fail, payments may be higher. The number of clientele and employees can also affect premiums to account for the risk of personal injury.

Do you need commercial property insurance for your business? Barry Insurance is a trusted insurance company in Texarkana, TX, with over 55 years in business. They’ll ensure your company is protected from accidents and theft. Their policies are competitive and designed to fit your needs, whether you need commercial, health, auto, or RV insurance. Learn more about their policies online, or call an agent at (903) 831-3493 for a free quote.