COMMERCIAL PROPERTY INSURANCE

The Importance of Commercial Property Insurance

A business relies heavily on its equipment and inventory to keep it running smoothly and generating profit.  Regardless of how well thought-out a business plan is, there are just some things that are out of the owner’s hands.  As the saying goes, “Whatever can go wrong, will go wrong.” If a disaster should strike and a company does not have commercial property insurance, the end result could be devastating and possibly put the company out of business. Should fire or severe weather cause damage or destroy a company’s building, commercial property insurance can help that business get back on its feet.

It is a common misconception that commercial insurance is only for businesses that actually own the building where they operate. The truth is, this type of insurance will cover a business whether they own the property, rent it or work out of a home office.  This type of insurance will protect the company against fire, theft, storm or water damage, and various other disasters that affect day-to-day operations. Certain regions that experience more severe weather conditions such as earthquakes, tornadoes, floods or snow may need to purchase additional coverage.

Depending on the policy, both tangible and intangible items will be covered by commercial property insurance. Inventory, equipment, furniture, supplies, computers, the building itself and even loss of income are protected. If a water pipe in the building bursts and destroys inventory or furniture, the policy will ensure that the items are either replaced or the business is compensated for the loss.

In the event of a disaster, a commercial property insurance policy will cover any building repairs needed or replace any items that may have been damaged or lost in the incident.  In some cases, the company will also be compensated for items that are impossible to replace, such as photographs or artwork. While this type of loss may be emotionally devastating to a business owner, they will still be able to recoup their losses and either rebuild or move on to a new location.

Investing in a commercial property insurance policy helps to safeguard a business’s future. Without it, the entire operation could go up in flames overnight – literally. Even financially sound companies purchase this type of insurance, as repairs and replacement costs can be astronomical if the disaster is large enough. If the region that the business is located in tends to experience earthquakes, hurricanes or other natural disasters, commercial property insurance is an absolute must.

Oftentimes, this type of insurance can be purchased in a package deal and tailored to meet the company’s needs. Packages will often include a variety of different policies helping to ensure that all of the business’s bases are covered. This may include special policies for specific natural disasters or other coverages a particular type of business may need. Regardless of the number of policies a company purchases, the goal is to ensure that the company can either continue its operations uninterrupted or open its doors back up as soon as possible.

Contact us for more information.

In Vancouver, you can reach us at 360.883.5776, or fax us at 360.285.6000. Our address in Vancouver is 1503 NE 78th Street, Suite 1A Vancouver, WA 98665. In Portland, you can reach us at 503.808.1111 or fax us at 503.808.1118. Our address in Portland is 12604 SE Stark St Portland, OR 97233. Our email is insuranceprovider@comcast.net.