As a business owner, one of the most important investments you can make is your commercial property insurance coverage. Whether you own or lease your workspace, or even work from home, adequate property insurance can protect against everything from minor damage to major loss.
Commercial property insurance covers your essential business assets that are needed to ensure future operation, such as your building, furniture and equipment, signage, inventory, fence and landscaping, valuable company documents, and manufacturing or processing equipment.
Beyond this, a number of specialized options are available to help you further protect your business according to your needs. Together, you and your First Baldwin Insurance agent can customize your policy to give you the peace of mind that your business—one of your major investments—is sufficiently protected.
Some additional coverage options you may want to discuss with your agent include:
- Builders’ Risk – Protects buildings under construction with “completed value” coverage for the full value of the finished building.
- Building Ordinance and Law – Pays for the cost of repairing or replacing damaged or destroyed property to meet current building codes and local ordinances.
- Business Income – Covers the company’s loss of income and possibly extra expenses due to damage or destruction of property, typically including reimbursement for payroll, rental income and other expenses.
- Equipment Breakdown – Extends coverage to damage caused by electrical and mechanical equipment, such as through explosions, breakdowns and electrical arcing.
- Flood Insurance – Pays for losses to buildings and contents related to flooding through policies offered through the National Flood Insurance Program (NFIP) and by other insurance companies.
- Inflation Guard – Provides a percentage adjustment to property values after a loss that takes into account increased construction costs due to inflation.
- Utility Services Direct Damage – Covers losses caused by the failure of utilities, for example power outage, water main break or natural gas transmission interruption. Damage normally must be caused by a covered cause of loss at named utility locations.