Commercial Property Insurance

Your workspace anchors your business – could operations continue if something happened to your property? Protect the space, equipment, devices, and other physical assets your company relies on with the right commercial property insurance coverage.

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What does commercial property insurance cover?

Commercial property insurance is designed to cover the building you use for work, but also the things inside, like furniture, equipment, computers, and other contents you need to get the job done. Then there’s the property outside your four walls – like signs, fencing, and landscaping – that can also be covered under your policy.

Business properties face a variety of risks, from fire to flood to theft, and if one of these damaging events were to disrupt operations, a business owner would typically rely on their commercial property coverage for recovery support. A business property insurance policy is designed to help reimburse you for your lost assets, but it can also help cover loss of income or an increase in expenses related to the property damage.

How can this coverage help my business?

Do you lease your workspace? Maybe you own a commercial building, or perhaps you work out of the basement of your home. In any case, you’ll need to make sure your space is properly protected inside and out.

Even if you haven’t invested heavily in office furniture or specialized equipment, there’s a lot on the line. After all, a crisis that results in a property loss can trigger a chain of challenging events that can make recovery even more difficult.

Consider how commercial property insurance can come to your rescue:

Help with repairs and replacement

If you experience an insured loss, your commercial property policy can help cover the costs to repair or replace damaged items – whether that’s a display case of product or the whole brick-and-mortar shop.

Repairs could be as straightforward as fixing a piece of standard equipment, or as time-sensitive as mending a vandalized front door so your customers can access your business. If the loss is too extensive for repairs – for instance, if a fire consumes the better part of your factory – the business income coverage feature in your commercial property policy could also help keep the replacement costs low to protect your bottom line.

Support while you’re closed

In many cases, property loss forces businesses to close for a stretch of time while they work to restore their operations. While your business is interrupted, revenue is interrupted; the longer you’re closed, the longer you must go without a steady stream of income. Fortunately, the business income coverage in your commercial property policy can often help you keep up with expenses like bills and payroll while you get your business back on track.

Recovery from natural disasters

Sometimes great preparation and good business risk mitigation are no match for Mother Nature. Wildfires, floods, hail, hurricanes…there are all sorts of natural events that can threaten your business property out of the blue. And while insurance policies will not cover everything, the right commercial property policy can offer some welcome support in many cases.

If you run a home-based business, you might assume that your personal home insurance would cover a business property loss. Unfortunately, this may not be the case. It’s a good idea to speak to a broker about how best to protect your home-based small business, rather than leaving things to chance.

Ready to update your business insurance coverage?

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What factors will your policy consider?

Some things an insurance company may consider when compiling your policy include:

  • Location
  • Replacement costs
  • Age of the property
  • Electrical work and plumbing
Your commercial property insurance policy isn’t thrown together haphazardly – there are variables that can influence the range and price of coverage.

From your property’s physical attributes to your loss prevention strategies, several factors can play a role in calculating your out-of-pocket expense. Speaking with a knowledgeable insurance broker can help you understand where and how to focus your efforts when it comes to risk mitigation, property updates, and refining your insurance coverage.

What can a broker do for me?

An insurance broker can be your greatest asset when it comes to finding the right insurance policy. A broker brings a wealth of insurance expertise, product knowledge, and personalized service to the table, working to protect your company and your peace of mind.

Northbridge believes in the power that comes with good partnerships. Our preferred network of reputable brokers can help craft a comprehensive policy that’s suited to your unique business, and they’ll always be here to help when you need it.

Are you managing your risk?

Risk management is a smart investment – we provide it at no extra cost!

Risk is a part of life – risk management should be, too. It can be challenging to make space for risk mitigation in your daily routine, but this is a corner that shouldn’t be cut. After all, even if you have the right insurance coverage, preventing a loss is always better than recovering from one.

Risk management solutions can be as simple as improving the layout of your workspace, or as involved as launching a company-wide training program. Our Risk Services experts can help with both. In fact, we’ve made access to risk management expertise a fundamental feature in every commercial insurance policy.

The right coverage can help your business prepare for any challenge that lies ahead.

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