Commercial Property Business Insurance Is a Vital Commodity

It doesn't take a major disaster to turn a company from a profitable organization to a business that may be forced to permanently close their doors. But in the wake of severe weather conditions, such as the major storms and hurricanes that have affected large areas here in the eastern US, it should be a consideration for many business owners. Business insurance for NJ helps to protect companies from everything from a minor event, to a serious financial loss when business property damage occurs.

Consider all of the possible scenarios:

A fire could destroy the building and the all the contents inside

A burst water pipe could damage documents, drawings or other valuable papers

A storm could damage cars, outdoor signage, fences and other structures, as well as cause business interruption and loss of income

An earthquake could cause structural damage rendering the building uninhabitable

One important thing when setting up a company is to make sure that the business is properly insured. Here are a few tips for getting the proper coverage for commercial property insurance:

Create an inventory of the assets

Sometimes important business property may be overlooked when considering policy options. Consider all equipment, such as computers and fax machines, printers, other electronics (kitchen appliances, microwaves, coffee machines), and even furniture. There may also be signs or storage facilities. Basically any physical item used to conduct business can potentially be insured. The first step is to research different insurance agencies to help determine just what can be insured.

Consider the type of coverage required

There are various options when it comes to purchasing commercial property insurance, all of which can be discussed with a knowledgeable insurance agent. For example, even if a piece of business equipment breaks accidentally, and not as a result of a theft, there is coverage available for this.

Other considerations to keep in mind are whether to purchase an ACV (Actual Cash Value) policy. ACV will repay the actual cost of any depreciated assets that were stolen or damaged, Some companies offer replacement funds which will provide the money to buy similar assets at standard prices. ACV repayment usually means cheaper premiums.

There are many preemptive steps that have the potential of lowering business insurance premiums. For example, installing alarms, fire extinguishers, fire and smoke alarms, etc., can go a long way in reducing the cost of coverage. Ask an agent about all available discounts. Some insurance companies will provide discounts to business owners purchasing both personal and business insurance in NJ from them.