Understanding Commercial Property Damage Insurance

​Having a business comes with its own risks. If you are a small business, you would be concerned about not having enough financial resources to deal with these problems. While buying commercial insurance does not stop the perils that are associated with owning a business, it can shield your business against a lawsuit and property damage.

What is Property Damage?
It is a damage or injury to either personal or real property due to deliberate destruction, negligence, or act of nature. Property damage also includes situations that caused harm to a home, a fence, a vehicle, a tree, or other possessions. 

Recovery from property damage can be determined by the cost of repair, proof of replacement value, and loss of usage until replacement or repair. 

Commercial Property Insurance
When you need coverage for your business against property damage, commercial property insurance is the answer. The damage could be due to extreme weather, vandalism, theft, or fire. 

Some of the properties that need coverage are office furniture, inventory, equipment, and office space. Commercial property insurance protects them from damage or loss. It provides you financial assistance with the cost of replacement or repair. Regardless of your business type, commercial property insurance is a must-have, especially if your business has a physical location. 

These incidents also include water-related damages. Most policies under commercial property cover damages brought about by flooding or other accidents such as a burst pipe. 

On the other hand, these policies may not cover tornadoes, earthquakes, or other natural disasters. Consider adding specific coverage for these extra costs. But, it also depends on the location of your business and the likelihood of specific types of disasters in your area. 

In this case, opt for business interruption insurance to your commercial property policy as an add-on or a rider. This ensures protection for your business from loss of income. 

For example, your office space suffers from a fire, so you have to rebuild it and lose a great deal of income during the process. Business interruption insurance provides coverage to this loss of income. Another essential add-on if you have an online business that deals with customer data are cyber insurance coverage. 

To know more about commercial property damage insurance, talk to your insurer about it. 

At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote.