Whether you’re a contractor, you run a small restaurant, or you’re an automotive dealer, you and your employees rely on your tools and devices. You need to protect your property, whether that includes buildings, equipment, machinery, or computers. That’s where commercial property insurance comes in—and we can help!
Commercial property insurance can help cover your building if you own it (or if you’re responsible for it, according to your lease contract), but also its contents.
Commercial property insurance can help cover your building if you own it (or if you’re responsible for it, according to your lease contract), but also its contents. From equipment, furniture, and fixtures to tools, machinery, and the property of others, you have a good deal of assets to protect.
Even when your property is away from your business premises – or in transit – you’ll need support. If you suffer a covered loss, the right commercial property policy is designed to help with repair costs and get you back to business quickly.
Think commercial property insurance is what your business needs?
- Location: Where your business is located can affect the cost of your insurance. For instance, if you operate in an area that’s particularly prone to flooding, your coverage and premium may reflect that risk. The same is true for auto insurance: your premium may be higher depending on where you’re driving, and what you’re using the car for (like transporting goods versus driving yourself to the jobsite).
- Replacement costs: Imagine your business suffered a major loss that resulted in you needing to replace not only the building you operate out of, but everything inside as well. How much would it cost to replace all of these items? That amount may affect your premium amount.
The type of building: Your premium can be affected by a number of things, including the type of construction, public fire protection, and the building occupancy (even the occupancy of others that share the building with you).
- Electrical work and plumbing: Water damage can be a major concern, which is why plumbing in your building is a key factor in determining your coverage needs and the cost of your premium. As electrical systems age, they are also more susceptible to things like arcing and short circuits which can lead to fires. Again, this will affect your premiums.
Other coverages to protect your property:
- Comprehensive crime
This feature primarily targets employee dishonesty and theft or robbery by others. It provides coverage for the loss of money and securities due to robbery, burglary, hold-ups and more, whether these occur on your business premises or elsewhere.
- Computerized Equipment
Computerized equipment is becoming increasingly important, and more businesses find themselves relying on digital tools. Luckily, we offer specific protection for computerized equipment, like laptops, desktops, and other data processing equipment that can be damaged by things like power surges.
- Storage trailer coverage
This coverage is designed for unlicensed trailers used for storage.
Can we help you prevent claims from happening in the first place?
Yes, we absolutely can help! That’s where our Risk Services programs come in.
We like to be proactive at Federated Insurance, so to help solve a problem before it happens, we’ll work with you to help you improve things like security measures and safety management in order to minimize your exposure to risk.
We’ve developed exclusive programs and services to help you enhance workplace and employee safety – a must in any business. Our Risk Services Specialists are available to help you create, implement, and maintain a company safety program and provide you and your employees with valuable safety advice.
When you need help quickly, our Risk Management Assist* service grants you access to our Risk Services Specialists, who can answer a variety of questions on topics including property, auto, and liability loss prevention. They can also provide guidance on any regulatory, legislation, or code requirements your business may be dealing with.
Other types of coverage to consider:
Commercial auto insurance:
Commercial auto insurance can help if you or your employed drivers get injured in a car accident involving your business vehicle. It can also provide replacement car coverage if you need to rent a temporary car for business operations following a covered accident.
Business interruption insurance:
This coverage is designed to help you recover lost business income and cover ongoing business expenses if your business is temporarily closed for repairs due to a covered loss.
Commercial general liability insurance:
Commercial general liability insurance, or CGL for short, can help if you’re found legally liable for bodily injuries or property damage to a third party. It can also offer protection in situations where you or your employees are conducting business offsite.