Your Commercial Property Insurance Agency
At Tatum Insurance LLC, we are an independent agency providing insurance services to our clients. We have a solution for all your insurance needs including commercial property insurance. Our team of experts will educate you about commercial property insurance and how it protects your business from severe financial loss.
We will offer you unbiased professional advice and help you find the right policy for your business. A commercial property policy could be the difference between going under and staying in business in case of a lawsuit or damages.
Understanding Commercial Property Insurance
Commercial property insurance is a type of coverage that protects your business from a covered loss. Commercial property owners often purchase commercial property coverage bundled with other commercial insurance policies. This coverage is important to you whether you own the building you operate your company from, lease an office, or work from home.
You can purchase a single policy to protect a business with two locations unless those locations differ in functions and risk profiles. For instance, you might have a factory at one location and an administrative office at another. You may need to consult Tatum Insurance if your business has multiple locations.
We will advise you on whether you need separate policies or not. Commercial property insurance protects your building and physical assets owned by your company. This type of coverage protects your firm from perils such as:
- Natural Disasters
Commercial property insurance is carried by different types of businesses including:
- Service-Oriented Businesses
Depending on your policy endorsements and exclusions, there are other things which may need additional coverage such as:
- Floods, Windstorms, And Earthquakes
- Glass Damage And Crime
- Goods In Transit
- Currency And Securities
- Data And Records
Your premium for commercial property insurance is determined by five things namely:
- Nature of Business (Low Risk or High Risk)
- Geographical Location
- Level Of Exposure To Hazards
- Level Of Protection From Fire (Fire Extinguishers, Water Sprinklers, Alarms, etc.)
- Security Surveillance (Cameras, On-Site Guard, etc.)
Commercial Property Insurance Coverage Types
Commercial property insurance policy protects buildings (Real Property) and property owned by your business (Business Personal Property BBP). If the building you operate your company from is yours, your policy should cover the structure and the BPP inside. If an unexpected covered event should happen to your building, you should be able to rebuild or repair it if commercial property insurance covers you. If you lease or rent the building, your policy will probably provide coverage for the BPP.
Building coverage is designed to protect the building, equipment, and machines that are permanently installed in the building including:
- Air Conditioning Equipment
- Built-In Cabinets And Bookcase
- Floor Coverings
- Fire Extinguishers
- Outdoor Furniture
- Manufacturing Or Processing Equipment
Business Personal Property Coverage
Business personal property is meant to protect property your business owns. However, the property does not qualify as building property, and it may not be excluded. Covered property under a BPP policy include:
- Office Equipment Including Computers, Furniture, Phone Systems, whether leased or owned
- Accounting Records And Company Documents
- Signs And Satellite Dishes
Inland Marine Coverage
This is insurance coverage for goods in transit by land, air, and inland waterways. An inland marine policy also protects ongoing construction projects and transportation. Structures used for communication such as tunnels, bridges, and communication towers are covered too.
Business Interruption Coverage
This policy pays for lost income when your business operations are interrupted and you can not operate as usual.
Valuable Papers Coverage
Valuable paper coverage provides limited protection for your company records and important papers. An endorsement may increase the coverage amount.
Boiler And Machinery Coverage
This coverage is meant for boiler and machinery listed in your policy. It pays for losses caused by malfunctions of machinery and boilers. It also provides protection for other items such as:
- Steam Cookers
- Electric Water Heaters
- Air Conditioning Units
This coverage is available as an endorsement or a separate policy.
Qualifying For Discounts
There are available discounts from insurance providers for commercial property coverage. The dollar amount and number of discounts you might be eligible depending on your carrier. You can consult your agent to find out the discounts you can get and save on your premiums. Note that discounts will not affect your policy’s coverage levels.
Discounts you may be qualified for include:
- Multi-Policy Discount
- Safety Discount
- Full Payment Discount
You could qualify for a multi-policy discount by having more than one policy with the same insurer. Say you have a commercial property insurance policy with one carrier, you could have a general liability insurance coverage with the same firm and qualify for a discount.
Improving your company’s safety and security may qualify you for a safety discount. You improve your business’s overall safety by installing water sprinklers and accessible fire extinguishers. Improvements for security may be through the installation of surveillance cameras and an on-site guard.
Full Payment Discount
A full payment discount is available in most insurance firms when you pay premiums in full ahead of time. For instance, you can pay your rates for the next half year in full instead of monthly and get an instant full payment discount.