Commercial Property
Insurance
If you are a property owner, you know the importance of protecting your investment with a well-chosen property insurance plan. At Broward Hall Agency, we specialize in providing our clients with plans that address the risks business owners face when they purchase commercial or private property. We help our clients avoid the problems (and financial loss) that come from buying too much or too little insurance protection.
A basic commercial property insurance policy may be all you need. We provide a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.
- Building
- If you own a commercial building, you will want to have enough commercial property insurance to cover the replacement costs if a peril strikes. we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building and match your coverage to it.
- Personal Property
- Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location, so be sure to discuss the details of your business operations with our agent.
- Business Income
- This type of coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover other financial losses, too.
Popular Insurance Types
Here are the answers to common Commercial Property Insurance questions.
What is Co-Insurance?
Co-Insurance with Commercial Property Insurance refers to a requirement that policyholders insure a minimum percentage of the property’s value in order to receive full coverage for claims. Insurers commonly require 80% of the property’s value to be covered, but the exact percentage can vary depending on the insurer and property in question.
What is Business Interruption coverage?
Business Interruption (sometimes known as business income coverage) type of insurance designed to protect businesses against various types of risk. This type of coverage applies to a temporary disruption in operations over the duration of the “business interruption” period, which is specified in the insurance policy.
What factors primarily affect the cost of commercial insurance?
Some of the factors that affect your coverage costs include, but not limited to:
- ♦ Property value
♦ Location
♦ Building construction
♦ Occupancy
♦ Security measures
♦ Claims history
♦ Age of building and equipment
♦ Industry
♦ Protection against fire and theft.
Ask about insurance packages that can bring better coverage for up to 20% less cost.
Disclaimer: Above questions and answers are intended to be generalized information and may or may not be the specific wording of your insurance contract. Your specific policy contract coverages and definitions will prevail. For specific questions of coverage, please contact your insurance provider. Generalized questions are not an offer of coverage. If you would like an insurance proposal, please contact our office.