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What is commercial property insurance?
The buildings and other assets that businesses own are often worth quite a lot. They’d be expensive to repair or replace if something happened to them, which is why Vermont businesses with any sizeable assets should consider commercial property insurance.
Commercial property insurance offers tailored protection for different assets that businesses own. Policies may protect buildings, equipment, or items against damage, loss, and other risks.
What Vermont businesses is business property insurance for?
Business property insurance is something many Vermont businesses can benefit from. Most businesses that have buildings, expensive equipment, or even simply lots of inventory should consider a policy.
Essentially, business property insurance could be a good idea anytime an asset would be costly to replace.
What buildings are business property policies able to insure?
Business property policies are available for most buildings that businesses might own. They might insure retail stores, office buildings, restaurant buildings, warehouses, manufacturing facilities, agricultural facilities, multi-family housing, special-use buildings, and more.
What coverages do business property policies come with?
Business property insurance can encompass a variety of coverages. The exact options included within a policy can vary, but often include the following:
- Building Coverage: Often insures the main building on an insured property, and may extend protection to additional structures on the property.
- Contents Coverage: Often insures movable items located at the insured property, such as machinery, appliances, inventory, furniture, computers, etc.
- Exterior Signs Coverage: Often insures outdoor signs that aren’t attached to the main building.
- Tenant Improvements Coverage: Often insures modifications made by tenants to a leased space during their build-out.
Whether separate coverage is needed for freestanding signs depends on the particulars of a policy. Sometimes detached signs are included within building coverage’s protections, while other times distinct exterior signs coverage is used.
An insurance agent specializing in business property can help determine how best to insure detached signs, and the various other assets that a business owns.
Are any liability protections included in business property coverage?
Business property coverage generally focuses on insuring physical assets against damage or loss. They typically don’t include liability protections. Liability coverages are available separately, although they might be bundled with property coverages.
Are digital assets protected by business property coverage?
Typically, commercial property policies don’t cover digital assets. Digital assets might be insured through a cyber insurance policy, which also can frequently be bundled with business property insurance.
Do business property policies insure items when they’re off-site?
For moveable items, any protection provided by a business property policy is usually restricted to only when the items are at the insured location. Different insurance, sometimes inland marine insurance or builders risk insurance, is normally needed if insuring items outside of a business’s premises.
Can one business property policy insure several buildings?
Many business property policies are able to insure multiple buildings at different locations. It’s important to confirm that a chosen policy properly covers all of the buildings being insured, however. A knowledgeable insurance agent can check.
How much does insuring a business’s building cost?
How much businesses pay to insure their buildings varies. Factors like location, building size, building type, method of construction, and security features are a few of the factors that insurance companies look at. There are still many other details that impact premiums.
The easiest way to find out how much insuring a specific commercial building will cost is to compare quotes with an independent insurance agent. An independent agent has the freedom to check quotes from several insurers, and the expertise necessary to evaluate coverages and premiums.
How can Vermont businesses get commercial property insurance for their buildings?
If your business needs to insure a building or other asset, contact the independent insurance agents at Palmer Insurance. Our Vermont agents will work closely with you, to find a commercial property insurance solution that’ll protect your business’s assets well.
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Residents of Vermont can contact our representatives for assistance with their insurance needs. If you have questions or would like a quote, please contact us!
