What is commercial property insurance?
When looking to protect a building that you own or one that you lease, Commercial Property Insurance is what you need. This insurance protects business property including furniture, tools, equipment, computers, lost income, and accounts receivable when the business suffers a loss. Commercial Property Insurance policy helps pay any recovered items needed, reproduction of important documents, and provides temporary storage to avoid loss.
Example of who qualifies for Commercial Property works:
You allow a tenant to rent or lease in your property for a stipulated period of time with a formal legal contract. This qualifies you as an eligible candidate for Commercial Property Insurance policy.
Why should I get commercial property insurance:
Definition of commercial property insurance:
In short, you are protecting your company’s assets from theft, vandalism, fire, explosions and all external harm. Natural disasters such as earthquakes and floods are not automatically covered unless they are added to the policy.
Understanding commercial property insurance and Standard Residential Property Insurance :
There are some significant differences between the Commercial Property and Standard Residential Property Insurance policies:
Commercial properties are a more standardized construction. In a commercial ownership, the electrical systems and heating systems also differ, and fixing them can be expensive and prolonged. A specialized insurance is definitely required in such a case.
Type of tenants:
Commercial property involves the use of industrial equipment by the tenant, unlike the domestic tenant who just lives there with their furniture. There is a greater degree of risk involved that requires a cover that actually matches your risk.
The most important part of the commercial property insurance:
When repairing a building, Commercial Property Insurance covers damages and rebuilding costs. This is one of the most important features. If your property is damaged and you are insured to the fullest cost, then you can claim the policy completely.
Call Maltz Insurance 1-818-368-7000