Protecting your Virginia Beach, VA, commercial property should be a top priority for any business owner. While you may think your regular homeowner’s insurance policy can cover your business in a natural disaster or other damage, this is often not the case. A separate commercial property insurance policy can give you the peace of mind that your business is adequately protected.
What is Commercial Property Insurance?
Commercial property insurance is a type of insurance that helps protect your business if your commercial property is damaged or destroyed. This damage can be from events like fires, storms, and theft. Commercial property insurance can help cover the cost of repairs or replacement of your property and any lost business income that results from the damage.
How Does Commercial Property Insurance Work?
Commercial property insurance typically covers three main types of perils:
- Physical damage can include events like fire, wind damage, and vandalism.
- Business personal property can comprise furniture, inventory, and machinery.
- Loss of business income can occur if your business is forced to close because of the damage.
These are just a few examples of the coverage that may be included in a commercial property insurance policy. It’s important to talk to your Armor Insurance Group insurance agent to ensure you have the right coverage for your business.
What Does Commercial Property Insurance Cover?
Each commercial property insurance policy is different, but most will cover the three main types of perils listed above. Some policies may also cover other types of damage, such as water damage or flooding. It’s essential to read your policy carefully to understand what is not covered.
How Much Coverage Does Your Business Need?
The amount of commercial property insurance coverage you need will depend on the value of your property and the type of business you have. Your insurance agent at the Armor Insurance Group can help you determine how much coverage is right for your business.