There aren’t too many businesses out there that operate smoothly without essential assets worth protecting at all costs. If your business’ operational continuity depends on the full-time availability of items like a physical workspace, office furniture, equipment, or inventory, you should consider getting commercial property insurance in Sarasota County.
The Basics of Commercial Property Insurance
This policy covers any commercial property against perils such as:
- Fire
- Theft
- Storm damage
Different types of businesses carry commercial property insurance. These include:
- Retailers
- Manufacturers
- Professional services
- Nonprofits
You can also obtain property insurance as part of a business owner’s policy (BOP).
What Factors Influence Your Commercial Property Insurance Costs?
Commercial property insurance pays to replace or repair tangible business assets if damaged or lost in a covered event. It can cover expensive equipment owned by large companies, such as manufacturers, protecting them from multi-million or multi-billion dollar losses in case of fire damage or theft. For tax purposes, you may deduct your business property insurance cost as an expense.
You can estimate the cost of insuring your commercial assets based on factors such as:
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Asset value:
The value of the physical assets you wish to protect is a major factor in your insurance cost estimates. You should work this out before searching online for “commercial property insurance near me.” Take a full property inventory audit to get a better estimate of the potential replacement value and insurance coverage needed.
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Location:
In recent times, there has been an increase in the frequency of weather-related disasters that cause major losses or destruction of commercial property. Some geographical areas are generally more prone to these natural perils than others. Thus, your business location will impact your property coverage costs. For example, if your state experiences frequent wildfires, such as California, your coverage rates will be higher.
Key Considerations for Cost-Effective Commercial Property Insurance Include:
Fire protection
You’ll typically pay less to insure your physical premises if:
- You operate in a city or town with proper fire protection
- Your business building has a fire alarm and sprinkler system
- You are located close to a fire hydrant and fire station
Security/theft protection
Building security is an important insurance cost factor. Helpful anti-theft systems include:
- 24/7 CCTV surveillance
- Intrusion sensors/alarms
Construction
Keep these factors in mind:
- Avoid combustible construction materials:
You could get a discount if your physical workspace is made of fire-resistant alternatives.
- Be careful with building modifications:
New structures can impact your building’s fire rating. Discuss any preferred additions with your insurance agent before implementation.
- Internal structural changes:
Wood is highly combustible. Using it to build partitions or flooring exposes an otherwise fire-safe building to the risk of fire damage.
Building’s use
How a building is used impacts its fire rating. Examples include:
- Type of business:
The risk of a fire starting in a lawyer’s office is lower than in a restaurant.
- Building with multiple tenants:
A building’s overall fire rating is affected if one of its occupants builds their workspace with combustible materials.
Property to Consider for Commercial Property Insurance in Sarasota County
Items worth including in your business property coverage include:
- Your business building or rented office space
- Leased or owned office equipment, such as printers, computers, telephones, and furniture
- Critical official files and accounting records
- Plant/equipment
- Stock
- Landscaping
- Fencing
- Business signage
- Satellite dishes
Protect your business from loss with the right policy for key tangible assets. To get a commercial property insurance quote today, contact the experts at Atlas Insurance in Sarasota, FL. We are happy to look into your coverage requirements and can help provide a solution that’s right for your business.
