Whether you’re an established business or are just starting out, commercial property insurance may seem overwhelming. After all, there are so many issues you need resolved and so many options available. 

It makes sense to have the most comprehensive coverage you can get for your business property, even if you rent your office or warehouse space. Here are some of the most frequently asked questions about commercial property insurance. 

What does commercial property insurance cover?

Commercial property insurance typically covers office buildings, warehouses, and other business structures, as well as equipment, tools, inventory, and the property inside your structures. 

Why do I need commercial property insurance for my business? 

This type of insurance means you won’t have to pay completely out of pocket should your business be damaged by vandalism or many natural disasters, as well as theft. Most businesses would have to close their doors without property insurance when the worst happens. 

What if I rent my office space? 

You can get a policy to cover everything you use and store inside your rented space, such as furnishings, office equipment, and inventory. This is similar to getting a homeowner policy as a renter. 

Is flood insurance included?

No, generally speaking, flood insurance would necessitate a separate policy. Ask your agent about flood insurance if you live in an area that’s at high risk for flooding. 

What about earthquake insurance?

Like flood insurance, earthquake insurance is purchased separately. Certainly, if you live in an earthquake-prone part of the country, this should be considered. However, many parts of the US are now considered to be at risk for a major seismic event in the next 10-20 years. 

Are my business vehicles included in my property coverage?

Your business vehicles are usually covered by a separate commercial auto policy. This type of policy can cover liability, collision, comprehensive, and even special situations like using your own vehicle or renting while traveling for business. 

What is “Business Interruption Coverage?”

This is extra coverage that many business owners are urged to take. It covers loss of income if your place of business is too damaged to conduct work or if the entire neighborhood is inaccessible, such as after a major storm or natural disaster. What would you do if your business income suddenly dried up? How would your employees survive? 

Can I protect my business from computer and electrical mishaps?

Yes, electronic dating processing coverage can be added to cover computer-related problems, like virus attacks, as well as power surges, which typically aren’t covered with a basic commercial property insurance policy. 

What if someone gets hurt on the premises of my business? 

Your commercial property insurance is limited in what it can cover for this type of claim. Most businesses add a general liability insurance policy, and some even go further with a business umbrella policy. For employee coverage, workers compensation insurance is recommended. Ask your agent to help you determine your risk. 

Does my property insurance cover items taken offsite? 

In most cases, commercial property insurance only covers your belongings when they are onsite at your place of business. However, you can add more personal property coverage if you have a lot of items that frequently leave the office, such as business equipment or large amounts of inventory. If you participate in a lot of demos or conventions, this might be perfect coverage for your business. 

Need to know more about commercial property insurance? Let our independent agents help you out and tailor a policy to your business. Call J. K. Meadors & Co at 405-377-0000 today and get all your questions about business property insurance answered.