CALIFORNIA COMMERCIAL PROPERTY INSURANCE

One of the most important business insurance products a company should carry is commercial property insurance, which follows general liability insurance quite closely. Fires, storms, theft and more are all concerns small business owners should have in California. This makes having business property insurance critical to keeping your company safe.

When you have a good commercial property insurance policy in place it can save your business from financial ruin and help you to rebuild faster. At Eugene C Yates Insurance Agency we can help you get commercial property insurance to cover many risks you may run into in California. 

Commercial property insurance is specifically designed to protect:

• Your building or office
• Your inventory
• Any outdoor signage
• Landscaping and fencing
• Furniture and equipment
• Others’ property
• Additional structures

WHAT DOES A CALIFORNIA COMMERCIAL PROPERTY INSURANCE POLICY COVER?

The building your business is in:

More than likely if your company has a physical location then you’ll want to carry commercial property insurance. Although, it’s not only the building that’s covered. Commercial property insurance will also cover your business property, liability if someone is hurt or injured and lost income.

Your business property:

Regardless of whether it’s clothing, business property, computers, important documents, fixtures, machinery, and your equipment that isn’t attached to the property. 

Your business income:

Commercial property insurance also known as business property insurance and sometimes called business interruption insurance. It will help to keep you in business if your operations are interrupted. 

Electronic data processing (EDP):

California business owners may want to consider EDP coverage even though it may be considered a separate policy. An EDP policy will help to provide additional coverage for computers, and other technical equipment. Standard commercial property insurance is limited in what’s available specifically to technology. Consider EDP if your basic policy isn’t enough for your business needs.

Inland Marine:

If your business is transporting goods, equipment or inventory over land from one location to another inland marine coverage is an insurance product you may want to consider. It covers your business property in case of damage or destruction while it’s being transported. You’re also covered for any liability from damage or destruction that might happen to property in your care or control while it’s being transported.

Common types of coverage may also include:

• Completed value coverage to protect buildings in the process of construction that pays for the full value of the finished building in case it is destroyed.
• Updated building codes can add expense when repairing or replacing damaged or destroyed property—you’ll be covered.
• Loss of business income in case damage or destruction of business property results in billing problems or extended work stoppage (typically covers payroll, rental income and other expenses.)
• Equipment breakdown coverage for damage caused by electrical and mechanical equipment through explosions, breakdowns and electrical arcing.
• Utility services failure or damage caused by power outage, water main break or natural gas transmission interruption.
• Inflation allowance adjusting property valuations to allow for increased construction costs due to inflation (usually set percentage based on the inflation index in the area.)

If you’re opening a new business or you’ve had the doors open for the last decade, Eugene C Yates Insurance Agency can help you protect your business from financial devastation.

About California Commercial Property Insurance

• Insuring Buildings: Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give us a call today, and we’ll help you determine if you have enough commercial property insurance for your business.
• Flood Insurance: Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask us to review your insurance policy, and we’ll help you find the best solution.
• Business Personal Property Coverage: Business personal property insurance covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
• Business Income (Business Interruption Coverage): This 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 financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.

Commercial Property Insurance Quote

If you would like a free custom commercial property insurance quote, please give us a call today at (916) 313 6100.