Commercial property insurance is one of the more common forms of building insurance coverage available on the market today. This type of insurance provides a broad variety of coverage for buildings, equipment, inventory, machinery, tools, and so on. Examples of losses that are most commonly covered under a building insurance policy include break-ins, fire, manmade or natural disasters, theft, vandalism, and wind damage.
Let the agents at The Ephraim Group help you understand the ins and outs of getting proper coverage for your building. We’ll help you manage any liabilities you might have.
What You Should Know About Building Insurance
Our agents understand that your company is comprised of many costly assets such as the building you operate in, the contents of the building, and any fixtures located outside such as fencing, signs, and more. It only stands to reason that one of the most important investments you can make in your company is a total building insurance policy to protect everything discussed above.
If you’ve been a business owner long, you’re well aware of how a fire or severe weather conditions can shut down their business for a lengthy period of time. In fact, some of these situations could lead to a permanent closure of the business. When you have your business protected by a comprehensive building insurance plan, you will have the financial assistance and support that is necessary for a quick recovery.
The Basics Of Building Insurance
Despite how coverage can vary from one insurance company to the next, a simple or basic building insurance policy may be all that’s needed. As an independent insurance agency, The Ephraim Group can help you determine the best policy for your particular business and customize a policy that is tailored to your specific needs. Building and other commercial property insurance coverage will vary from one policy to another but are typically categorized based on the event causing the losses and what’s insured.
A basic building insurance policy normally covers losses that have resulted from:
- acts of vandalism
- damage from airplanes or vehicles
- explosions and/or fires,
You can add other riders to cover such as events as earthquake protection and glass breakage. Plus, you want to insure the more essential business items such as the building, inventory, office equipment, outdoor items situated on your property, etc.
Take a Business Inventory first
Before sitting down and discussing your needs with one of our insurance agents, it’s always helpful if you take an inventory of your business beforehand because you’ll need to determine three factors:
- property to insure
- replacement value of insured property
- whether or not it’s worth insuring
There are a number of different items and property that are commonly considered when creating a building insurance policy for your specific business needs. These items and property might include:
- Accounting/bookkeeping records and valuable documents pertaining to the business
- Building or structure the business operates in whether it is owned, leased, or rented
- Equipment used in manufacturing or processing
- Fencing and landscaping
- Inventory on hand
- Office equipment such as computers, furniture, phone systems, etc. whether you own or lease them
- Satellite dishes
The Ephraim Group has detailed information regarding the different building insurance coverage and policies that are currently available as well as which ones will be right for your business.
How Losses are determined
When you are considering getting a building insurance policy, there are a number of factors to think about where protecting against loss is concerned. These include:
- building insurance
- business income or interruption coverage
- business personal property coverage
- EDP or electronic data processing insurance
- flood insurance
The key is that building and commercial property insurance protect against losses. This is normally determined by taking the actual cash value (ACV) or replacement cost (RC) into consideration. The ACV is what it actually costs to replace your losses with new property of similar quality and style but less depreciation. The RC refers to the cost of rebuilding, repairing, or replacing your losses on your property with the comparable quality of materials and with no deductions for depreciation.
In most cases, you will find that a building insurance policy that is based on the actual cash value has lower premiums because deductions for depreciation cause a lower coverage limit to be used. Our agents understand the needs of Georgia businesses where building and commercial property insurance is concerned. Contact us today and let a representative so you how to protect your business as well as the future of it.
Our staff is dedicated to service any of your insurance needs with customized care. We serve Dacula, Duluth, Suwanee, Buford, and Lawrenceville. We are a group dedicated to Gwinnett County, and more! Whether you are looking for personal or business insurance, we are committed to protecting you, your family, and your assets. Call us at (770) 676-6686 to discuss how our affordable pricing, vast choice of products, and exceptional customer service may be of service to you.