Things to Know About Commercial Property Insurance
Property damage entails impairment or breaking of something a business owns such as business property, vehicles, merchandise, and equipment. There are two types of property damage: loss of use and physical injury. Physical injury involves damage to tangible items such as a cash register or desk. Loss of use includes something that has not suffered physical damage, although its usage is interpreted. For instance, if a truck broke down and hindered customers from accessing your business, this could be considered a loss of use. The following are the various types of property damage.
Commercial property insurance- covers damage to your business property from things like vandalism to storms.
Inland marine insurance- This one covers a business property while it is being stored away from your business i.e., a warehouse. It can also cover high-value assets that property insurance does not cover.
Business interruption insurance- This can help offset a loss of income if your business has to close temporarily due to a catastrophic event such as a storm or a fire. It can also help pay lost revenue, rent, and day-to-day expenses.
Commercial property insurance is a vital coverage for business owners, particularly when running a home-based business. It aids in protecting the owned or rented property used to operate your business. For home-based owners, commercial insurance offers more coverage than homeowners insurance. It also helps protect the business's physical assets like equipment. Moreover, it can help if a fire destroys your computers, lightning strikes the structure, or someone breaks into your building and steals your inventory. At SERVPRO, we work with insurance companies to ensure that your commercial property is restored following the mentioned mishaps. Reach out to us before engaging any entities to help with restoration services.