Simply put, property insurance is insurance that covers any kinds of risks to property. It is an insurance policy that covers businesses and organizations against damage to their buildings (real property) and the contents (personal property).
Property insurance is used by a variety of businesses from manufacturers to retailers, to provide coverage for their property in the event of damages caused by fires, storms, natural disasters, and even theft. Some insurance policies go as far as covering the loss of income as a result of the damage or the extra expenses incurred while trying to keep the business running following the damage.
Commercial property insurance is especially important for businesses that rely on any equipment for their day to day activities. For instance, if you own a bakery, you definitely rely on your ovens, fridges, and other baking appliances because should anything happen to them, you would not be able to work optimally. Therefore, you would need to get commercial property insurance to cover these items in case anything happened to them.
As mentioned earlier, property insurance covers damages and losses to real and/or personal property within your business. With regard to real property, buildings, as well as permanently installed fixtures and additions that are still under construction are covered. Building contents found on or near the business premises that are used in the business are also covered, including leased property that you are contractually obligated to insure.
In addition to these, property insurance policies cover other people’s property that was in your custody, care, and control to the extent of your liability. For instance, if you own a watch repair shop, you may have some watches for repair in your care at the time of the damage that the policy should cover.
However, there are three major perils that most commercial property insurance policies do not cover:
At Berliner-Gelfand, we will take you through the terms and conditions of our commercial property insurance policy, so you are clear on what will and will not be covered.
The process is quite simple to obtain property insurance. Contact us to get a quote or stop by at one of our offices to talk to our professional insurance agents. The application process is quick and easy, and our agents will help you navigate through all the possible confusion. Every step of the insurance process will be explained. Visit us today and let Berliner-Gelfand help protect your property with the correct property insurance policy.