Commercial Property Insurance in Chicago, IL
Commercial property insurance may help a business recover from unexpected incidents that cause property damage. A company may have to pay for expensive losses out of pocket if they do not have an adequate commercial property insurance policy, which is why it is critical for business owners.
What Is Commercial Property Insurance?
Commercial property insurance covers a company’s physical assets if they are damaged or destroyed by covered incidents.
What Property Is Covered by Commercial Property Insurance?
Commercial property insurance is essential for all business owners to have. It typically covers the following business-related assets:
- A business’s physical building or workspace
- Equipment and tools
- Any additional items necessary for daily operations
Commercial property insurance typically covers the following types of incidents:
- Most explosions
- Riots or civil disturbances
- Automatic sprinkler leakage
- Sinkhole collapse
How Much Is Commercial Property Insurance for Small Businesses?
There are several factors that insurance providers use to determine the cost of commercial property insurance premiums. Some of these considerations include the following:
- Location—Is the area at risk for weather-related events and natural disasters?
- Building features—How old are the building’s features, such as the electrical wiring, plumbing and HVAC systems?
- Type of business—What type of industry is your business in? Some businesses present more potential risks than others.
- Fire and theft protection—How far away is the nearest hydrant and fire station? Does your business have a fire alarm, sprinkler system and security system?
No matter the size of your business, multiple factors will be considered while determining the cost of your coverage.
How to Insure Commercial Property
Contact Salvador Insurance Agency for more information about adequately insuring your commercial property. We can help make sure your most valuable assets are protected.