What is Business Property Insurance?

Commercial or business property insurance covers not only the physical property where your business resides, but also the contents of this building or buildings. In the event this property is damaged, stolen, or destroyed, this coverage can provide you with the means to repair or replace it. 

Who Needs These Policies?

Truthfully, most businesses benefit from this coverage. However, there are a few telltale signs that your business would not only benefit from it, but that it might even need it.

These signs include:

• If you own or rent a building, store, or office
• If you own or rent expensive equipment or tools
• You have products or inventory
• Considering a number of other valuable business assets

What Does Commercial Property Insurance Cover?

Not only can commercial property insurance in Utah cover the physical structure in which your business resides, including warehouses, offices, and other structures. But did you know it can also cover the contents of that building as well? It’s true: your policy also provides coverage for your inventory, furniture, and tools and equipment. Along with the property inside of the building, it also includes coverage for fences and all landscaping, as well as any outdoors signs. 

What many business owners don’t know is that their commercial property insurance can also protect them if their property or employees cause damage to third-party property.

The specific details of your policy will vary based on your company and the type of business you have, but they generally cover all of your assets, along with coverage for storms, fires, theft, and vandalism. 

Some policies require you to purchase special coverage for earthquakes or other events, otherwise you won’t be covered for these events which is why it’s crucial to work with an agent from ASA Insurance to determine your exact needs. It’s incredibly important to work with an experienced insurance company in Salt Lake City you can trust to ensure you get a policy that provides accurate coverage.

How Much Coverage Do I Need?

The appropriate level of coverage for one business is different than it is for the next. When determining how much coverage you need, we look at things like the specific risks your business faces, the value of your commercial property, and more. Rest assured, we will never recommend more coverage than is necessary and we always work hard to find you the perfect balance of policy price versus coverage. 

Next Steps

Are you ready to move forward with buying a commercial property insurance policy? Your first step is to call us! Then, you will need to conduct an inventory of everything you have and do an estimate of the value to ensure you have enough coverage—we’ll help with this too. 

When your business grows and you add new equipment, buildings, or inventory, you will need to re-examine your coverage and add that property to include it in your property. There are all steps we’re here to help with to ensure the process is as straightforward and easy as possible.