Commercial Property Insurance
No matter what type of company you own, where it’s located, or what size it is, your business has physical assets that need to be protected
If you are an artisan or contractor, you keep supplies and raw materials around at all times for the projects you are working on. If you are a lawyer, accountant or other professional service provider, you most likely have chairs, desks, and other office furniture as well as important documents always at hand. If you own a manufacturing facility, you have equipment, inventory, machinery and more. And, if you’re in sales and marketing, information technology, or any other industry for that matter, you most certainly have a computer, a mobile phone, and lots of customer records.
You may not think of all of these things as “commercial property.” But, in the world of insurance, every item that you use solely for business purposes is considered a physical asset (or commercial property). While you might not think you need insurance for those break room appliances or those customized neon signs in your front window or the outdoor fencing around your parking lot, the team at Anderson, Bagley & Mayo (ABM) is here to explain why you do. We strongly believe that no matter how large or small a physical asset may be, it should be covered by the right commercial property insurance solution.
What is covered by commercial property insurance
As a local insurance agent in the North Central Massachusetts area for over 100 years, ABM has seen and experienced the many different ways that business property can be damaged or destroyed, including by:
Fire
Lightning
Vandalism
Windstorms, Hail, and other types of weather disasters
Electrical surges
Accidental activation of sprinkler system and other water damage
Computer virus
Water damage
If you had to replace or repair any property ruined as a result of these events, or other similar perils, with your own company’s resources, it could have a significant impact on your bottom line, especially if you are a small to mid-sized company. Without the proper property insurance coverage, even a minor loss can put your business in a deep financial hole, disrupt normal business operations, and, in the case of a catastrophic loss, cause your entire company to shut down. However, if you have the right business property insurance in place, then you will have the critical financial assistance you need to cover any rebuilding, replacement, or repair expenses.
There is a great deal of variety among commercial property insurance policies and many different options are available to business owners. Some property policies cover only a single type of peril or cause of loss, like a fire insurance policy or crime policy, while other policies include several coverages in one insurance “package.” For small- to mid-sized businesses, the package policy, also called a Business Owners Policy (BOP), typically makes the most sense. It’s not only convenient to have all the loss coverage you need in one single policy, but it’s also much more economical. Plus, you still get the comprehensive business property protection you desire.
Working with a local insurance specialist, like ABM, will ensure that you get the essential information and advice you need to make the right decisions for insuring your valuable business property. Contact ABM today for a review of your current commercial property solutions or for assistance with a new policy. Our dedicated team will make sure you have the best coverage at the most affordable rate.
You have physical assets that are vital to your business operations, let ABM protect them
In addition to making sure you have the right basic property coverages in place for your unique business, and that you fully understand your coverage limitations and exclusions, the ABM team can help you customize your commercial property protection plan with additional coverage forms and endorsements to address your specific risks, including:
- Business Interruption to replace lost business income after a covered loss, and to allow you to continue to pay certain key employees their salaries until the business can resume as normal
- Builder’s Risk to cover a new building or structure under construction or an existing structure undergoing additions, alterations or repairs
- Legal Liability or Fire Legal Liability to cover your legal liability for loss or damage to real and personal property of others as the result of your negligent acts and/or omissions
- Building Ordinance or Law to cover losses, demolition and removal costs of undamaged parts of a building, or any increased cost of repairs or reconstruction, due to enforcement of any building, zoning or land use law
- Extra Expense can pay for office space, equipment rental, advertising, or most costs considered reasonable for keeping the company operating after a covered loss
- Improvements and Betterments to cover all permanently installed improvements and betterments
- Peak Season to cover fluctuating inventory values before and during a designated period of time
- Inflation Guard which automatically adjusts the limits of your property insurance to keep up with inflation
- Loss of Rents and Rental Value to cover loss of rental income to the property owner caused by damage or destruction of a building rendering it unfit for occupancy
- Crime Insurance to cover losses from robbery, burglary, larceny, forgery, and embezzlement
Having the optimal commercial property insurance is one of the most important ways to protect your business from perils ranging from natural disasters to equipment breakdowns. At ABM, we specialize in designing affordable property insurance solutions to help businesses just like yours keep their companies running smoothly even in the face of significant property loss or damage. To ensure that every single one of your valuable physical assets is properly safeguarded, call the business insurance specialists at ABM today at (978) 534-2800.