Commercial Property Insurance
Commercial Property Insurance Quote Forms
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Commercial Property Insurance Information
SERVING THE CHARLOTTE, CONCORD, KANNAPOLIS, MONROE AND SALISBURY, NC AREAS
One of the most common types of business insurance, commercial property insurance, provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or man-made disasters are examples of what is typically covered.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent agent, Patriot Insurance Agencies can help you determine the type of insurance policy and range of coverage that is best for your business. For a full list of coverage available, or to learn more about this product call 704-938-7888.
What you need to know about commercial property insurance:
NORTH CAROLINA BUILDING INSURANCE
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give Patriot Insurance Agencies a call today at 704-938-7888, and we’ll help you determine if you have enough commercial property insurance for your business.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask Patriot Insurance Agencies to review your coverage, and we’ll help you find the best solution.
Business Personal Property Riders
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster.
Electronic Data Processing (EDP) For North Carolina’s Businesses
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Give us a call today at 704-938-7888 to learn more about commercial property insurance.
What is commercial property insurance?
Businesses have many physical assets, including buildings, computers, specialized equipment, outdoor signage and inventory. If a fire, storm or thief were to damage or steal these assets, a business may have to go through a recovery process before their doors can open once more.
Without adequate commercial property coverage, approximately a quarter of businesses fail during the first year following a disaster or theft. Such events result in hundreds of billions of dollars in paid claims. Most businesses cannot afford such a substantial loss. Commercial property insurance can assist with repairs, replacements and lost income during a tumultuous time like a natural disaster or theft.
How does commercial property insurance help?
Commercial property insurance helps businesses survive various situations. These situations include the following:
- Repair or replacement: Coverage can extend to assets that are lost, damaged or stolen due to fire, storm, hail, tornado, theft or vandalism. Damage from flooding and earthquakes are excluded.
- Lost income: Income loss results from a business’ inability to run as usual following a disaster. This coverage can offer lost income relief, along with the expenses associated with recovery.
- Temporary location: A devastated building may no longer be able to support daily operations. Coverage can extend to funding a temporary location while repairs are being made.
Get started today!
We can assist you in finding the commercial property insurance policy that best suits the needs of your business. Call us today with any questions or concerns or to start the process of finding comprehensive coverage for your business.