Commercial Building
As independent agents JJ Insurance works with the best carriers in the world, like Travelers, Nationwide, Great American, Lloyd’s of London, Guard, Berkshire Hathaway Homestate Companies, and CNA, to find you the best policy at the best rates possible. Call us at 303.871.8880 or request your free quote now!
The Importance of Commercial Building Insurance
Regardless of size or industry, your business’s operations likely depend on some form of physical property. If an accident or error damages your company’s premises or possessions, it can have significant financial ramifications. Without adequate commercial building coverage, your company may need to pay for significant losses and damages out of pocket.
What Is Commercial Building Insurance?
As its name may suggest, commercial building insurance is a type of coverage intended to protect your business’s physical premises and physical property. These policies, also known as commercial property insurance and business property insurance, can provide financial assistance following many common incidents, such as fires, lightning, wind damage, theft and burglary.
While the details of your policy may be customizable, most sufficient commercial building insurance includes coverage for the following:
· Buildings—Your insurance can help pay for repairs following damage to buildings used to operate your business, including your primary workplace and other structures, such as garages.
· Equipment—This coverage provides financial protection from losses involving equipment used to operate your business, such as electronics and tools.
· Inventory—If a covered event damages your business’s inventory or supplies, commercial building insurance can help pay for repair or replacement costs.
· Furniture—Your insurance can provide financial protection for your company’s furniture, such as desks, tables and chairs.
· Outdoor features—This coverage can also help pay for losses and damages sustained by your business’s outside property, such as fences, landscaping and signage.
It may also be possible to acquire commercial building insurance that includes business interruption coverage, which can provide financial assistance for expenses and damages arising from a temporary loss of use of your premises.
Who Needs Commercial Building Insurance?
Although commercial building insurance is not generally required by law, most landlords and mortgage lenders will require you to carry a policy. Even when not mandated to do so, your business should strongly consider acquiring enough coverage to repair, replace or rebuild your property and possessions. Without commercial building insurance, even a single error or moment of negligence could lead to devastating out-of-pocket costs that could derail your company’s operations and threaten its future.
How Much Does Commercial Building Insurance Cost?
When shopping for adequate commercial building insurance, your business should be aware of what factors may determine your premiums. In general, providers must consider the following criteria:
· Location
· Industry/operations
· Structural details (e.g., materials used, condition of wiring, plumbing and HVAC systems)
· Property value
· Safety features (e.g., sprinkler and security systems)
· Policy details (e.g., coverage limits, deductibles, endorsements)
Get the Right Coverage
An integral part of operating a successful business is accounting for various hazards and exposures and implementing appropriate risk management and loss control practices. A sufficient insurance portfolio consisting of adequate commercial building coverage is key to protecting your company’s finances and future.
We’re here to help. For nearly 40 years, the agents at JJ Insurance have made it their mission to help individuals, families and businesses in Denver and the surrounding communities of Colorado protect themselves with optimal insurance solutions. Contact us today to get started.