{"id":1104,"date":"2020-07-17T07:45:39","date_gmt":"2020-07-17T07:45:39","guid":{"rendered":"http:\/\/www.unitedfinances.com\/blog\/?p=1104"},"modified":"2022-07-01T07:59:15","modified_gmt":"2022-07-01T07:59:15","slug":"4-key-things-to-remember-when-insuring-your-business-property","status":"publish","type":"post","link":"https:\/\/www.unitedfinances.com\/blog\/4-key-things-to-remember-when-insuring-your-business-property\/","title":{"rendered":"4 Key Things to Remember When Insuring Your Business Property"},"content":{"rendered":"<h1 dir=\"ltr\"><span style=\"background-color: transparent; color: #000000; font-family: calibri,sans-serif; font-size: 11pt;\"><img decoding=\"async\" style=\"height: 537px; margin-left: 0px; margin-top: 0px; width: 302px;\" src=\"https:\/\/lh6.googleusercontent.com\/yoR8WKu_1odh1NoXU5WGuhxHjO2HZ0UcydP9353ju0E-EtadApG1_H17sh0gpJk2tLFE-NU66PLVj4df82a8LSvRA6IzY72tTWzWB6XcIIH49ZG8gGNeCDcQzfjOPeksh7nnI7-gxgH8XQc5vA\" alt=\"low angle photography of blue and white building structure\" \/><\/span><\/h1>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">Purchasing a commercial building is a huge investment. You want to take the necessary steps to protect your asset. Fire damage, lighting strikes and theft can occur at any time. Insuring your property is key to protecting both your building and physical assets in the case of such unforeseen eventualities. That means picking the best possible <\/span><a style=\"text-decoration-line: none;\" href=\"https:\/\/mckenzieross.com.au\/commercial-insurance-solutions\/commercial-property-owners\/\"><span style=\"background-color: transparent; color: #0563c1; font-family: calibri,sans-serif; font-size: 11pt;\">insurance commercial building<\/span><\/a><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\"> owners can find.<\/span><\/p>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">To arrive at this decision, there are a few considerations you must factor in. If you\u2019ve never insured your property before, it\u2019s easy to find the task overwhelming. No need to feel intimidated by the legal jargon associated with commercial property insurance. We\u2019ll clearly highlight the main factors you must keep your eyes peeled for before deciding which policy to go with.\u00a0<span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;A registered agent service can remove the obligation of a registered agent for a business in a hassle-free way. These services can allieviate the need to constantly be physically present in the work place. For more information consider this list of the best registered agent services. &quot;}\" data-sheets-userformat=\"{&quot;2&quot;:1049089,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0,&quot;23&quot;:1}\" data-sheets-textstyleruns=\"{&quot;1&quot;:0}\uee10{&quot;1&quot;:253,&quot;2&quot;:{&quot;2&quot;:{&quot;1&quot;:2,&quot;2&quot;:1136076},&quot;9&quot;:1}}\uee10{&quot;1&quot;:283}\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:253,&quot;2&quot;:&quot;http:\/\/howtostartanllc.com\/reviews\/best-registered-agent-services&quot;}\uee10{&quot;1&quot;:283}\">A registered agent service can remove the obligation of a registered agent for a business in a hassle-free way. These services can allieviate the need to constantly be physically present in the work place. For more information consider this list of the <a class=\"in-cell-link\" href=\"http:\/\/howtostartanllc.com\/reviews\/best-registered-agent-services\" target=\"_blank\" rel=\"noopener\">best registered agent services<\/a>. <\/span><\/span><\/p>\n<h2 dir=\"ltr\"><span style=\"background-color: transparent; color: #2f5496; font-family: calibri,sans-serif; font-size: 13pt;\">What Does the Policy Cover?<\/span><\/h2>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">The very first thing you need to consider is what exactly you\u2019re paying for. What does the policy actually cover? Know that there are different types of commercial insurance available. The first mistake you can make is to assume that your commercial property insurance policy covers your building and everything in it\u2014including your workers. Read up on the following examples of insurance coverage types so you can make the necessary differentiations:<\/span><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Commercial auto:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> This policy covers your motor vehicles that are used in any manner which is business related.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>General liability:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> This type of insurance ensures your employees are protected from bodily injuries that are triggered by property damage under this policy.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Workers compensation insurance: <\/strong><span style=\"background-color: transparent; font-size: 11pt;\">This type of insurance covers workers who are injured while conducting their duties on the premises.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Commercial property:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> This type of insurance protects your building and its assets from damage or loss caused by fire and theft.<\/span><\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">The last type is our focus below.<\/span><\/p>\n<h2 dir=\"ltr\"><span style=\"background-color: transparent; color: #2f5496; font-family: calibri,sans-serif; font-size: 13pt;\">Theft of Property Which Isn\u2019t on Your Premises: Is it Covered?<\/span><\/h2>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">We mentioned how commercial building insurance covers theft of your assets. But it\u2019s important to realise that there are certain conditions to this clause such as:<\/span><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Only items that are stolen while on your property at the time of theft are covered.\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">With most building insurance policies, items that are 100ft away from your premises won\u2019t be covered.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">You may need to take a separate policy that\u2019s designed to cover your business assets that are in transit from one place to another.<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><span style=\"background-color: transparent; color: #2f5496; font-family: calibri,sans-serif; font-size: 13pt;\">How Much You Should Pay?<\/span><\/h2>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">Your budget plays a huge role regarding the type of commercial insurance you pick. You simply need to be aware that the premiums you pay will depend on a number of factors such as:<\/span><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Condition of your building:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> If the electrical, plumbing and <\/span><a style=\"text-decoration-line: none;\" href=\"https:\/\/www.forbes.com\/sites\/houzz\/2013\/12\/05\/5-steps-to-improve-your-heating-system-now\/#434f0441c4f1\"><span style=\"background-color: transparent; color: #0563c1; font-size: 11pt;\">HVAC systems<\/span><\/a><span style=\"background-color: transparent; font-size: 11pt;\"> on your premises are in good condition, your premiums are likely to be lower.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Your industry:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> Certain industries such as the construction sector are considered to be <\/span><a style=\"text-decoration-line: none;\" href=\"https:\/\/www.forbes.com\/forbes\/2010\/0208\/debt-recession-worldwide-finances-risk-list.html#7c0ebeb97877\"><span style=\"background-color: transparent; color: #0563c1; font-size: 11pt;\">high risk industries<\/span><\/a><span style=\"background-color: transparent; font-size: 11pt;\">. This may push your premiums up.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Business location:<\/strong><span style=\"background-color: transparent; font-size: 11pt;\"> If you\u2019re operating in a high risk location, your premiums may be higher.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Safety procedures: <\/span><span style=\"background-color: transparent; font-size: 11pt;\">Do you have adequate <\/span><a style=\"text-decoration-line: none;\" href=\"https:\/\/www.hsa.ie\/eng\/Topics\/Managing_Health_and_Safety\/Safety_and_Health_Management_Systems\/\"><span style=\"background-color: transparent; color: #0563c1; font-size: 11pt;\">safety measures<\/span><\/a><span style=\"background-color: transparent; font-size: 11pt;\"> on your premises such as fire alarms or sprinkler systems?<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><strong>Size of your business: <\/strong><span style=\"background-color: transparent; font-size: 11pt;\">The larger your business, the higher the premiums.\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><span style=\"background-color: transparent; color: #2f5496; font-family: calibri,sans-serif; font-size: 13pt;\">Pick the Right Agent<\/span><\/h2>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">It\u2019s imperative that you pick the right agent to represent you and provide you with the best possible coverage. Make sure that insurance agent you pick meets the following criteria:<\/span><\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Is licensed and registered by the respective insurance board.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Has ample knowledge regarding your business industry and operations.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Have the necessary credentials.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Is reputable. Research the company by visiting their website and also reading a few reviews on the company.\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\"><span style=\"background-color: transparent; font-size: 11pt;\">Are readily accessible, professional and responsive. The last thing you need is to pick an agent that\u2019s difficult to get hold of. Such situations are bound to get worse once they have your contract secured. This doesn\u2019t bode well, especially when you need them the most\u2014like when you want to claim your insurance. Pay attention to the small details. Do they respond quickly to emails? Do they call you back when they promise to? Do they pick up your calls?<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><span style=\"background-color: transparent; color: #2f5496; font-family: calibri,sans-serif; font-size: 13pt;\">Final Words<\/span><\/h2>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">Picking insurance commercial building owners will find valuable is no easy task. The wrong policy will leave your company exposed and unprotected when it matters the most.\u00a0<\/span><\/p>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">You\u2019ll also need to establish whether the policy covers more than just your building. Does the policy cover non-payment of rentals from tenants in the event that you lease your building? Some policies will compensate you for the rentals, but never assume. Always ask for particulars.\u00a0<\/span><\/p>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">Pick a professional and reputable commercial insurance agent that has your business best interests at heart. And even so, we advise you to consult with your lawyers before signing on the dotted line. They\u2019ll look over the policy and explain to you what exactly it covers &amp; what you\u2019re paying for.<\/span><\/p>\n<p dir=\"ltr\"><span style=\"background-color: transparent; color: #44546a; font-family: calibri,sans-serif; font-size: 11pt;\">Did you find our tips helpful? Let us know.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a commercial building is a huge investment. You want to take the necessary steps to protect your asset. Fire damage, lighting strikes and theft can occur at any time. Insuring your property is key to protecting both your building and physical assets in the case of such unforeseen eventualities. That means picking the best &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.unitedfinances.com\/blog\/4-key-things-to-remember-when-insuring-your-business-property\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;4 Key Things to Remember When Insuring Your Business Property&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/posts\/1104"}],"collection":[{"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/comments?post=1104"}],"version-history":[{"count":2,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/posts\/1104\/revisions"}],"predecessor-version":[{"id":1708,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/posts\/1104\/revisions\/1708"}],"wp:attachment":[{"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/media?parent=1104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/categories?post=1104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.unitedfinances.com\/blog\/wp-json\/wp\/v2\/tags?post=1104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}