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Commercial Property Insurance: Protecting Your Assets

Posted on July 7, 2023June 13, 2023 by Shield Insurance Agency

Shield Insurance Blog | Commercial Property Insurance | Business Insurance | Start A Quote Today!

As a business owner, you know that protecting your assets is crucial to the success of your company. One of the most important assets you have is your commercial property. Whether you own the building or lease it, you need to have the right insurance coverage to protect it from unexpected events. In this blog post, we will discuss what commercial property insurance is, what it covers, and why you need it.

What is Small Business Commercial Property Insurance?

Small business property insurance is a type of insurance that provides coverage for your business property, including buildings, equipment, inventory, and other assets. This type of insurance is designed to protect your business from financial losses due to damage or loss of property caused by events such as fire, theft, vandalism, and natural disasters.

What Does Commercial Fire Insurance Cover?

Commercial fire insurance is a type of insurance that provides coverage for damage caused by fire to your commercial property. This type of insurance covers the cost of repairing or replacing your property, as well as any lost income due to the fire. It may also cover damage caused by smoke and water used to extinguish the fire.

How Does Landlord Commercial Building Insurance Work?

Landlord commercial building insurance is a type of insurance that provides coverage for commercial property owners who lease their buildings to tenants. This type of insurance covers the building and any attached structures, as well as any liability claims that may arise from injuries or damages that occur on the property. The tenant is responsible for insuring their property and liability.

What Does Commercial Property Insurance Cover?

Commercial property insurance covers a wide range of events that can cause damage or loss to your business property. Some of the most common types of coverage include:

Property damage: This covers damage to your building and any attached structures, as well as your business equipment, inventory, and other assets.
Business interruption: This covers lost income and other expenses that occur when your business is unable to operate due to a covered event.
Liability: This covers claims made against your business for injuries or damages that occur on your property.
Natural disasters: This covers damage caused by events such as hurricanes, tornadoes, earthquakes, and floods.
Theft and vandalism: This covers damage or loss caused by theft or vandalism.

Who Needs Landlord Commercial Property Insurance?

If you own a commercial property and lease it to tenants, you need commercial landlord insurance. This type of insurance provides coverage for the building and any attached structures, as well as any liability claims that may arise from injuries or damages that occur on the property. It is important to note that the tenant is responsible for insuring their property and liability.

Affordable Protection with Shield Insurance Agency

At Shield Insurance Agency, we understand the importance of protecting your commercial property. That’s why we offer affordable insurance solutions that provide the protection you need. We represent over 40 insurance companies, which allows us to find the best coverage at the best price for your business.

Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. We are committed to helping you protect your business and your assets.

More Interesting Blog Articles from Shield Insurance Agency

Top ways customers say they’ve saved money on renters insurance

Buying renters insurance isn’t always considered a priority by renters. Some might not even consider it if the rental agreement doesn’t require it. The good news is that renters insurance is generally very affordable and easy to obtain.

As noted, it is now frequently a requirement to show proof of an active renters insurance policy when you sign a lease agreement.

Even though renters insurance coverage is very affordable, you still want to make sure that you’re getting the best price for the coverage that you need. If you want to know how to save on renters insurance, this post has some valuable tips from the best source — renters themselves.

Clearsurance looked at reviews and compiled this list of the top ways customers say they save money on renters insurance. These renters insurance tips from actual customers can guide anyone who is looking for cheap renters insurance for apartments or other rental properties.

Tip 1: Ask about renters insurance discounts

There are a lot of discounts available to renters, including some that you might not even realize can help you save money. For example, when you move into an apartment, you might think that the sprinklers or other fire suppression systems in your apartment are there to protect your landlord’s property, such as the building structure.

However, since these systems are effective at putting fires out quickly, they protect your personal property too, so many insurers will discount your renter’s insurance if your apartment or rental unit is equipped with them.

The same goes for other systems that may be installed by your landlord, such as security systems and alarms.

Even information such as the building’s construction and the materials it is made from can make you eligible for discounts, so don’t be afraid to ask your insurance company about discounts.

Here’s what one customer learned about Lemonade renters insurance:

“Best customer service ever! My lemonade policy barely costs a fast food meal a month. It’s so cheap. My property required renter’s insurance (which I really did not want at the time – I thought it was pointless, what could happen to me – right?!) I found lemonade online and chose them due to their great rates. I got a lot of discounts because I have a security system in my apartment and my complex has fire sprinklers in every room, fire alarms in every room, and smoke detectors in every room.” – sam1, Lemonade Customer Reviewer (Read the full review here.)