Commercial Building
Protect yourself today with commercial property insurance and general liability insurance. Do not let an accident or unforseen circumstance hurt your bottom line or business. Get protection from fire, natural disasters, theft, and other covered perils. Your business is your livelihood. That’s why you need an insurance professional who can appreciate the nuances that make your business special, and ensure they’re insured properly. Arcadia Insurance has the coverage you need at a price you can afford. We will protect your business, so that you can spend your time growing it.
The Basics of Commercial Property Insurance
Commercial property insurance covers you if you experience loss or damage to your physical property. Property means your physical assets, including the building, tools, equipment, electronics, or even records. If your physical assets are harmed due to theft, fire, vandalism, or other types of natural disasters, then your policy typically covers you. If you have a business in an area that experiences extreme weather, commercial property insurance is a must. It protects you from ice storms, lightning, tornadoes, and more.
For lots of businesses, commercial property insurance by itself is not enough protection. It is common for businesses to carry multiple types of insurance. Businesses often have commercial property insurance and commercial liability insurance. Some businesses will have policies that combine several types of coverage, like Business Owner Policies (BOPs).
All businesses need commercial property insurance. Even if you do not think you have property, you still probably do have assets that require protection. Remember, data and records are types of physical assets covered under commercial property insurance. Commercial property insurance is a core component of any business liability protection strategy. That’s why the team at Arcadia Insurance is here to make sure that it is done right.
Types of Commercial Property Insurance
All insurance policies are different and they vary greatly between the different insurance providers. This is why working with a trusted commercial insurance broker is very beneficial to business owners. Experienced commercial insurance brokers can give you access to hundreds of insurers and policies, so that you can find one that fits the exact needs of your business. While there is a lot of variation in policies between the cariers, there are two general types of policies: open perils policies and named perils policies.
Open Perils Policies
Open perils policies provide business owners with the most protection. They protect your assets from losses as long as the cause is not explicitly excluded by the policy. Many open perils policies will explicitly exclude flood damage. Because open perils policies offer you coverage for a wide range of potential losses, they are typically more expensive than named perils policies.
Named Perils Policies
Named perils policies cover losses from particular problems that are specifically outlined in the policy. Typically, named perils policies cover such problems as theft, vandalism, fire, or wind damage. However, if your business assets experience a loss due to something not specifically named in the policy, then it will not be covered. Because named perils policies offer less protection than an open perils policy, they typically cost less.
Understanding the Cost of Commercial Property Insurance
All insurers are different and most insurers offer a variety of policies. As such, every commercial insurance policy is unique. Business owners should try to find a policy that provides them the coverage levels they need that fits within their budget. While every business is its own unique case, there are common factors that insurers use to calculate the premiums that business owners pay for commercial property insurance.
Business Location
Where your business is located can greatly impact your premiums. If your business is located in an area that is commonly impacted by natural disasters, then you can expect to pay a higher premium. If your business is located in an area that has excellent drainage and coverage from fire stations, then you will pay less premiums. It all comes down to how the location of your business makes it more likely or less likely for your business to file an insurance claim.
Construction
If your building is made with fire-resistant materials, has updated plumbing and electrical systems, then it will get more favorable premiums. Other factors such as fire-proof doors and interior walls could also help reduce your premiums. Basically, insurers want to know whether the construction of your building will make it more or less likely for your property to experience an insurance claim.
Work Type
Insurers rate different industries with different risk levels. Office buildings are treated more favorably by insurers than restaurants or auto shops. If there is an element of danger to your daily operations, then you can expect higher premiums.
Theft and Fire Protection
If your business is taking extra steps to deter theft and stop fires, then insurers will look more favorably upon you. Advanced fire detection systems and sprinkler systems can help your premiums. The same is true for advanced security systems.
Arcadia Insurance Has the Commercial Property Insurance You Need
Businesses are unique, which is why one-size-fits-all commercial building insurance makes no sense. You have your own unique needs and Arcadia Insurance will help you craft a policy to meet them. Get access to some of the nation’s top providers of commercial insurance. Michigan and Minnesota business owners know that when you need your business property protected, Arcadia Insurance is who you can trust. Get the coverage you need at prices within your budget. Protect your business and your bottom line by contacting the professionals at Arcadia Insurance today.
