Business owners have a lot to worry about to make their businesses run smoothly and ensure their employees stay happy. But do you know what type of insurance your business has? Is your building covered in case something happens to it or the property inside? Do you have the right insurance policy to cover your assets in case of a loss?
Muller Insurance is an independent agency with over 118 years of experience in business insurance and other types of insurance, serving New Jersey, New York, Connecticut, and Pennsylvania. Here, we talk about commercial building insurance.
What Is Commercial Building Insurance?
Commercial building insurance is also known as commercial or business property insurance. It is an insurance policy that protects a company’s real estate and on-site physical assets that are stolen, destroyed, or damaged due to a problem covered by the policy. These assets include business property and the personal property of employees. The specific hazards and incidents that a business insurance policy covers include:
- Fire
- Hail
- Lightning
- Theft
- Vandalism
- Water damage from a burst pipe
- Wind
Not every hazard or incident will be covered by commercial building insurance. Reach out to a Muller Insurance agent to learn about the different types of insurance policies and their coverages that are available for businesses.
What Is and Isn’t Covered by Commercial Building Insurance?
Commercial building insurance is designed to keep tangible property at a physical address protected. That means that not everything is covered by a commercial building insurance policy.
Assets Covered by Commercial Building Insurance
Assets that are covered by a commercial building insurance policy include the items that are inside the building and are used for business purposes. It may also include structural aspects of the building. These items include:
- Business records
- Computers
- Equipment
- Fixtures
- Furniture
- Inventory
- Outdoor fixtures
- Personal property
- Physical building
- Supplies
- Tools
Assets Not Covered by Commercial Building Insurance
A commercial building insurance policy does not cover normal wear and tear or intentional damages. Additionally, your commercial building insurance policy won’t cover the following:
- Business vehicles
- Damaged customer property
- Damages outside the building, like damage to detached signs
- Earthquakes
- Employee injury or illness
- Employee theft
- Environmental damage
- Equipment breakdown
- Floods
- Goods in transit
- Loss of income
- Reputational harm
A separate insurance policy or additional coverage endorsements may be available for other types of coverage. Talk with your Muller Insurance agent to make sure you have all bases covered when it comes to the type of insurance policies you have.
What Types of Organizations Should Consider Commercial Building Insurance?
While commercial building insurance is not required by law, many business owners consider it essential coverage. Without a commercial building insurance policy, a business owner would have to pay out of pocket to repair or replace the business property that was damaged.
Types of business owners who should consider purchasing a commercial building insurance policy include those who typically:
- Have physical business records and documents stored on-site
- Have an inventory of products
- Own or rent a building
- Own or rent office equipment and tools
- Utilize computers and other office equipment
What Does a Commercial Building Insurance Policy Cost?
The cost of a commercial building insurance policy can vary greatly. Some of the factors that determine the price of a policy are:
- Age and construction of the building
- Location of the building
- Type of business or occupancy
The cost of an insurance policy also will depend partly on the type of protection you have in place for fire or theft, like:
- Having a security or fire system in place
- Distance from a fire station
- Location of the closest fire hydrant
- Other theft deterrents, like deadbolt locks
Choose Muller Insurance as Your Independent Insurance Agent
Muller Insurance has been around for over 118 years, and we are your go-to independent insurance agent in Hoboken, New Jersey. Being an independent insurance agent means we work with more than 25 insurance companies, and we can find you the best price on the market.
Some of the insurance companies we work with that provide commercial building insurance include:
If you are a business owner with multiple insurance policies, ask us about bundling. Some insurance companies will create bundles of policies, offering discounts for purchasing two or more types of policies from the same company.
Don’t let one disaster destroy your business—protect your livelihood with a commercial building insurance policy from a local insurance company in Hoboken, NJ. We are licensed in over 25 states and offer multiple types of insurance policies for both businesses and individuals. Contact us today for more information or to get a quote.
