Businesses need many types of commercial insurance to properly protect them. According to the North American Industrial Classification System, there are more than 1,100 different industries. Combine that with more than 7 million business establishments using some combination of those industries and you can begin to imagine the massive amount of information needed to effectively navigate the commercial insurance labyrinth and provide the proper insurance coverage for each individual business.
Commercial Property Insurance helps businesses pay to repair or replace buildings, structures and contents that are damaged or destroyed because of insured perils such as fire, theft and natural disaster.
Business owners can purchase Commercial Property Insurance whether they own, rent or lease a building. If you rent or lease a building, you will need to purchase a policy to insure the property that you own. This can include machinery, furniture, fixtures, merchandise, and tenant’s improvements and betterments.
Different types of commercial property policies protect against different risks or perils. A Special Form policy is the broadest coverage and provides coverage against all types of losses except those perils that the policy specifically excludes. Common special form exclusions include losses from flood, earth movement, war, nuclear disaster, wear and tear, and insects and vermin. Separate policies can be purchased to cover flood and earthquake or in some cases your policy can be endorsed to cover these perils.
Commercial property policies provide either replacement-cost coverage, actual cash-value coverage or a combination of both. Replacement-cost coverage will pay to replace your property with new property of like kind and quality, up to the policy limit. An actual cash-value policy will pay the replacement cost of the property minus depreciation due to age and normal wear and tear.
It is generally more cost-effective to combine multiple coverages, such as commercial property, liability, inland marine and crime, on one package policy. The most common types of package policies are the Business Owners Policy and the Commercial Package Policy.
We work with a wide range of businesses including Construction, Real Estate Development, Habitational, Hospitality and Recreation, Manufacturing, Retail and Wholesale, Service, Technology, Non-Profits, and Transportation and Trucking, plus Professionals. You need to be sure that you have the proper insurance coverage to protect your business at the most competitive price. Our educated staff will make recommendations and provide options that will set you on a path to security without cleaning out your bank account. The insurance companies we represent have been selected based on their financial strength (which includes their ability to pay claims), their product offerings and their competitive pricing.
It is as important to us as it is to you that you get the right coverage for your business at the most competitive price. We work with our clients to identify factors affecting their rates and find ways they can reduce their overall premium by being aware and acting on these factors.
No matter how hard you work, one disaster can destroy your business. Protect your business with the proper insurance and trust the people at Holden Agency Insurance to help you customize an insurance package to meet your specific needs.
Contact us today for a FREE comprehensive quote.