You work hard for what you own. That’s why you want to make sure you have the right property insurance, and that’s where The Ephraim Group can help.
For more than 16 years, our insurance agents have been working with business and homeowners to make sure they have the right insurance at an affordable rate.
We’re an independent insurance agency which means we’re not locked in to selling insurance policies from one company. We have the flexibility to shop your coverage around to help you find the best coverage at the cheapest rates. We don’t work for the insurance companies. We work for you! Call us for a free quote today.
What is Commercial Property Insurance?
Commercial property insurance is used to cover any commercial property. Commercial property insurance protects your business from such perils as fire, theft and natural disaster. A multitude of business types, such as manufacturers, retailers, service-based operations, and non-profit organizations carry commercial property insurance, but the truth is, if you own a bricks and mortar business, you should carry property insurance.
This is coverage for the commercial building and the business personal property that is located on the premises. Commercial property coverage is for the building itself, (if owned by insured or required by lease agreement). The coverage is also for insured’s property at the premises such as furniture, computers, accessories, equipment, inventory, etc.
Building coverage is usually set for full replacement of the building with modern construction practices. There is usually an allowance for code updates if needed during building repairs/replacement.
Business Personal Property (BPP) can be furniture, computers, machinery, inventory, etc. Different businesses have various needs in covering items such as inventory. Most policies are set to cover the average amount of inventory that a business will have on hand. It’s important, however, to consider what kind of coverage you have if your inventory fluctuates to ensure you are properly covered. That’s where our insurance agents can help you.
Commercial Property policies are typically a named peril policy, which means that not everything and anything is covered. Make sure you talk over any loss potentials that you may have that other “typical” businesses may not have.
For example, a print shop not only has the potential loss of paper inventory but the loss of property of others that could cause hardship to the other business if a loss occurs. A mortgage company could have a potential loss of client personal information (SS#s, DOB’s, etc.), theft by physical break-in or computer hacking. Any of these events could cause potentially serious consequences for the clients as well as the company. Situations like these need specific insurance coverage.
Because there are many different potential liabilities that exist in the business world, your property insurance really needs to be specifically tailored for your business. Let us help you close your insurance gaps. Call us for a free quote.
Factors To Consider For Commercial Property Insurance
There are many different aspects to consider when shopping for commercial property insurance. Some of these considerations include:
Location: Buildings within city limits often cost less to insure than buildings outside of city limits. This is simply due to the number and distance of safety resources, such as fire stations and police stations.
Construction: Buildings constructed of possibly combustible materials often have higher insurance premiums. When shopping for insurance, ask your agent what additions to add to improve your fire rating and in turn, decrease your premium. Fire resistant doors, floors, and walls greatly improve fire rating.
Occupancy: The use of a building will also affect its fire rating and premium. An office building will often cost less to insure than a restaurant or an automotive repair shop. The number of tenants also affects the premiums. In split use or multi-use buildings, one potentially hazardous occupant can greatly affect the fire rating and premiums.
Theft Protection: Two factors related to theft are your building security and distance to the nearest police station. These factors can affect your premium.
Fire Protection: How far the nearest fire hydrant or fire station is can greatly affect premiums. Also, sprinkler systems and fire alarms can affect insurance premiums.
Located in Lawrenceville, the staff at The Ephraim Group is dedicated to helping you with any of your insurance needs with customized care. We serve Dacula, Duluth, Suwanee, Buford, and Lawrenceville. Whether you are looking for property insurance, personal or business insurance or any other type of policy, 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.