Commercial Property Insurance: Let’s say the worst happens: a fire breaks out and you lose your inventory; a hurricane sends a tree smashing down onto your office; your business is burglarized. Your ability to recover from any one of these disasters is heavily dependent on your property insurance.
Property insurance protects your business against physical damage to, or loss of, your assets. Assets, broadly defined, include the area in which your business operates and the property housed there.
In the case of catastrophes like fire, explosion, theft, or vandalism, property insurance helps cover your costs – whether it’s to repair damaged property or replace what you’ve lost
What Does it Cover?
In terms of property, some policies cover basic equipment (building structure, furniture, inventory, equipment, and supplies) others insure money and securities, such as lost revenue or cash on the premises, and hard-to-replace records, such as accounts receivable, from damage or loss.
There are two types of policies available to cover perils: a named-perils policy, which covers losses resulting from only those perils the policy names, and an all-risk policy (a.k.a. special form coverage), which offers coverage for all perils except those specifically excluded.
Most companies are better off with all-risk policies (which typically have higher premiums), and usually can pick and choose coverage for additional perils if necessary.
How Are You Reimbursed?
Property is valued in two main ways. If you are covered for the actual cost of replacing your property, this is known as a replacement-cost basis. The alternative, actual cash value (ACV) reimbursement, is based on the replacement cost minus physical depreciation of the lost or damaged property.
Whether you are insuring your commercial building, apartments, HOA’s, or even business contents, Kelly Williams Insurance has many different options for you to look at and deals with only the most respected and competitive insurance companies. Please contact Kelly Williams for more informations on Commercial Property Insurance in Los Angeles.