Sacramento Commercial Property Insurance from Eugene C Yates Insurance Agency

You may be starting out or you may have been in business for years, Eugene C Yates Insurance Agency understands the importance of having your company protected with great commercial property insurance. Business property insurance helps to insure your business is safe in the event the worst were to happen. We outlined a few different scenarios where commercial property insurance may cover you:

What’s covered with business property insurance

Risk 1: Your internal business documents are destroyed in a fire. You lose important paperwork included billing records and more.

Coverage: With accounts receivable protection you will be covered for the increased cost of collecting payments due to no longer being able to access these records. 

Risk 2: Your business suffers from a water leak due to a burst pipe and it destroys very important documents and many are unable to be salvaged. 

Coverage: Your valuable papers and records coverage will help to the cost of restoring documents lost or damaged. This coverage is included in the basic BOP and can be increased if you opt for additional coverage.

Risk 3: Employee dishonesty for example let’s say your company receives checks, credit card payments or cash as payments. One day you notice the balances look short.

Coverage: Your employee dishonesty coverage would help to cover the loss the business experienced if your employee was caught stealing. 

Risk 4: A computer hacker hacks into your bank records and transfers funds from your account to theirs. 

Coverage: Computer fraud and funds coverage can help to protect your business if someone hacks your computer and transfers money, securities, or someone else’s property.

Risk 5: Building or property damage If your business building or business property are destroyed due to a covered loss, such as a fire or theft, costs could add up quickly.

Coverage: Business building/personal property coverage. This coverage pays to repair or replace your owned business building and/or your business personal property, up to the limits you select.

Risk 6: Stolen cash. Money stolen from your company in a theft or burglary could lead to hardship.

Coverage: Money and securities coverage. This optional coverage helps protect your business against loss of money or securities due to theft, disappearance or destruction. This coverage may provide reimbursement whether the loss occurred on or off your business premises.

Risk 7: You can’t open your business. Your business is damaged due to a fire and you cannot operate until repairs are made.

Coverage: Business income and extra expense coverage. This coverage helps with loss of income and fixed expenses, such as rent or payroll, while your business is temporarily closed for repairs after a covered loss.

This coverage provides your business with up to 12 months of coverage.

Risk 8: Computer virus attack. You get an email from a client, but you open it to discover that it contains a virus.

Coverage: Electronic data coverage. This provides coverage for repairing and restoring data due to harmful code that damages or destroys any part of your business’s computer system.

This coverage is included in a basic BOP, but you have the option to increase coverage limits.

Risk 9: Customer items are stolen. While a customer’s goods are in your care, someone breaks in overnight and steals their items.

Coverage: Customers’ goods coverage. This coverage provides for direct physical loss of or damage to customers’ goods after a covered loss.

Risk 10: Damage to property while off premise. While in transit to a customer or vendor’s location, you are involved in an accident, and your tools and equipment are damaged.

Coverage: Property in transit/off premises. This covers your business property while it’s away from your location and/or being transported by vehicle to another location. This coverage is included in Allstate’s standard business owners policy.

Risk 11: Power outage. The utility company’s transformer blows and you lose power to your business.

Coverage: Spoilage coverage. This optional coverage helps reimburse you for perishable items that spoil due to a power outage.

Business Property Insurance: What It Is, Which Businesses Need It

Commercial property insurance also known as business property insurance is designed to protect a company’s assets including the physical building and the property within the building. Businesses with any physical assets of value should have commercial property insurance. A physical asset of value doesn’t have to be a building; it could be expensive computer equipment or other items that would be costly to replace.

Which businesses need property insurance?

If your business has valuable physical assets, it should have commercial property insurance.

Here are some examples of businesses that should consider this type of insurance:

• Businesses that operate out of buildings they own.
  
• Businesses that lease or rent space. Depending on the lease agreement, a business owner might be liable in case of a fire or natural disaster. A landlord might require the renter to have business property insurance.
  
• Businesses based from home. While homeowners insurance might cover some expenses, it generally falls short for business owners with more than $2,500 in business equipment.

What does business property insurance cover?

Business property insurance or commercial property insurance will help to protect your company’s physical assets from risks such as a fire, severe weather, storms, burst pipes and more. It can help to cover items in the business such as computers, furniture, clothing, inventory, tools, machines and more.

Here are the three main forms, along with the types of damage they cover:

Basic causes of loss

• Fire or smoke.
  
• Lightning.
  
• Explosions.
  
• Windstorm or hail.
  
• Riots or civil commotion.
  
• Aircrafts or vehicles crashing into the property.
  
• Vandalism.
  
• Sprinkler leakage.
  
• Sinkhole collapse.
  
• Volcanic action.
  
• Glass breakage due to one of the above perils.
  

Broad causes of loss

• Falling objects.
  
• Weight of snow, ice or sleet.
  
• Water damage from leaking appliances, but not from sump overflow.
  
• Building collapse.
  

Special causes of loss

• Provides all-around coverage minus causes of loss intentionally excluded in the policy.

Commercial Property Insurance Quote

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