Commercial Property Insurance

Also known as commercial property insurance, business property insurance is designed to protect any business property and facilities your business owns or leases.

This can also cover the equipment, tools, inventory, and office furniture stored inside buildings or on the property itself. In some cases, business property insurance can even be written to help cover risks to important business documents and records, to help with the costs of temporarily storing, reproducing, or moving documents in the aftermath of a covered loss.

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Do I Really Need Commercial Property Insurance?

Tomins understands that each business we serve faces a unique set of risks and needs. Yet commercial (or business) property insurance should almost always be considered a nonnegotiable business necessity. If you’re not sure that commercial property insurance is the right call for your business, the following brief guidelines can help you assess your needs.

You should seriously consider commercial property insurance if your business:

  • Owns property
  • Works with or stores important documents
  • Owns or leases an office, building, shop, or storage space
  • Owns or leases valuable tools and equipment (including computers)

You deserve an insurance partner that works as hard as you do. Get a free online quote here today.

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What Does Commercial (Business) Property Insurance Cover?

It depends. At Tomins, we take pride in custom-tailoring each customer’s coverage to the unique needs of their specific business. Depending on your risk exposure, the coverages we recommend for your business could vary drastically from what we would recommend for another.

As a basic guideline:

Commercial property insurance can help protect your:

  • Owned or rented office space
  • Owned or rented buildings
  • Supplies and inventory
  • Equipment and tools
  • Office furniture
  • Physical land

From risks including (but not limited to):

  • Fire
  • Hail
  • Theft
  • Burst pipes
  • Wind damage

Does Commercial Property Insurance Cover Flood Damage?

While coverage against flood or earthquake damage is typically not included in standard commercial (business) property insurance coverage, there is usually a way to add it as part of a comprehensive business owner’s policy. Find more information about BOPs here.

Can Commercial Property Insurance Cover Third-party Property?

At Tomins, we realize certain businesses require the use of expensive equipment that it doesn’t always make sense to buy yourself. Whether you’re a general contractor renting a $250,000 crane or an IT firm storing an outside consultant’s laptop on your property, Tomins has you covered.

Our business insurance experts specialize in designing the perfect coverage for your unique needs. You deserve an insurance partner that works as hard as you do. 

What Does Commercial Property Insurance Cost?

We get it: Running lean is a huge key to success as an entrepreneur. At Tomins, our entrepreneurial roots help us see things the same way you do. In the interest of making sure you’re getting the best ROI from your business property coverage, we brainstormed some tips to help guide your decision:

  • If you are well aware of the risks your business faces, it may be more cost-effective to consider named perils coverage over open perils.
    Simply put: Named perils coverage allows you to choose the risks you want coverage for. For example, if your office is located in a highly secured building with little or no historical property crime, you could opt out of theft coverage and lower your premium costs.
    It’s important to note that we would rarely recommend opting out of theft coverage for most of our clients, but it is an available option.

  • If your equipment is older or has a relatively low replacement cost, it may be wise to opt for actual cash value coverage instead of replacement value coverage.
    Basically, if you decide to insure your tools and equipment for their actual value, rather than the cost of replacing them new equipment, you may be able to save money on your business property insurance.
    In full disclosure, this strategy comes with a huge caveat: If you’re not sure that you’ll be able to cover the costs of replacing the equipment you need to do business, you’re better off sticking with replacement value coverage.
    If you’re also looking for general liability coverage or business income insurance, you could save money by bundling multiple coverages in a business owner’s policy (BOP).
    Much like bundling your personal home and auto insurance,  you can save money with a package rate. Bundling your business coverages in a BOP package can end up earning you a considerable discount. Want to know more about the ways Tomins can save you money on your business insurance? Reach out to one of our business insurance specialists today.

At the end of the day, we cannot overstate the importance of making these decisions with the help of a risk-assessment professional. While a short-term cost savings might be attractive, there are many circumstances in which the long-term cost of this strategy ends up being much more.

If you’re interested in exploring your options, Tomins has you covered. Get a free quote here or reach out to one of our business insurance experts today.

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