Business property insurance is one of the smartest investments you can make in your business.
It protects the costly, physical assets of your company such as the building, its contents and any outdoor fixtures such as signs, awnings and fencing. It’s a sad statistic; business that suffer from a catastrophic event like fire or severe windstorm can cause it to shut down for an extended period of time, and more often than not leads to a permanent closure. Bass Insurance Group is very cognizant of the possible repercussions of a catastrophic events, and work with clients to ensure our clients don’t become a statistic.
Commercial property insurance can protect your business against everything from a minor hiccup to a major loss. For example: A fire could destroy your building, equipment and all of the contents inside. A burst water pipe could damage the building, equipment and all the contents inside. A weather event could damage your outdoor signage, awnings and other outdoor improvements you have.
Whether you own your building or space, lease an office or work at home, business property insurance protects your business’ physical assets. What does commercial property insurance protect? It protects your building , your outdoor signage, equipment, furniture, other structures, other’s property. Should you lose your place of business and operation, how long could you function? In short, commercial property insurance protects your business and your livelihood.
UNDERSTANDING THE BASICS
Let’s face it, industry varies from business to business, and so does commercial property insurance. Basic property insurance usually covers losses caused by fire, lightning, wind and hail, theft, or acts of vandalism. Additional coverage can be added for earthquakes, floods and other non-included losses.
Your commercial property insurance should include the following:
Building, office equipment, inventory, loss of income, and outdoor items on the premises such as outdoor signs.
Determining the value of your business property
All property insurance policies pay for losses based on the Replacement Cost Value (RCV) of the item or its Actual Cash Value (ACV), Commercial property policies are no
different. Therefore, as a business owner, it is important that you clearly understand what both of those terms mean and how they pertain to your business.
Replacement Cost Value (RCV) refers to the amount necessary to repair, replace or rebuild property on the same premises, with comparable materials and quality without deducting any amount for depreciation.
Actual Cash Value (ACV) is the cost to replace it with new property of similar style and quality, less depreciation. In the definition of ACV the word depreciation is a key factor. Depreciation is described as the reduction in the value of an asset with the passage of time, due in particular to wear and tear. In most cases the premiums for policies covering property insured on an ACV basis are slightly lower due to the deduction for depreciation. However, typically ACV will not cover the replacement of any asset and the insured either will have to pay or finance the difference to replace the asset.
Bass Insurance Group works with you to ensure you make the right educated decisions for the appropriate coverage that fits your business and budget.
QUICK QUOTE FORM
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, wind insurance, rental property insurance, home insurance, or Commercial
RENTAL PROPERTY INSURANCE
Rental Property/Landlord Insurance can provide protection for your property, protect you from liability claims, and can even provide lost rental income if your property is too damaged to rent due to a covered loss.
PERSONAL ARTICLES POLICY
It might be a comic book collection, jewelry, firearms, camera equipment or fine art. If it matters and is of value to you, you should over it. Bass Insurance Group works with you to make your treasures are covered.
FLOOD INSURANCE COVERAGE
Most ordinary homeowners insurance policies, do not cover damage caused by flooding. However, you still may be able to purchase flood insurance if your community participates in the National Flood Insurance Program (NFIP). Most flood insurance is written through the National Flood Insurance Program (NFIP), and is administered by the Federal Emergency Management Agency (FEMA). There are other nuances associated with Flood Insurance which Bass Insurance Group is very familiar with and will hep you navigate.
EARTHQUAKE INSURANCE COVERAGE
Most ordinary homeowners insurance policies do not cover earthquake damage. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss.
WINDSTORM INSURANCE COVERAGE
Windstorm insurance is a special type of property and casualty insurance designed to cover damages caused by high winds. Windstorm insurance may cover damages from hurricane-force winds, tornadoes, hail and other weather events that are accompanied by wind gusts that exceed 35 miles per hour. In 19 coastal states wind insurance is a separate policy. Hurricanes and tropical storms have caused billions in insured losses. Yes. Wind insurance has many names: Windstorm, Wind and Hail, Named Storm, or Hurricane coverage. As a separate policy it will have separate deductible and premiums. These deductibles and premiums are separate from deductibles for other perils such as fire or theft
(homeoners/Commercial property police). For wind insurance, there are typically two types of deductibles:
Hurricane or named storm deductibles: Pays for damage from named hurricanes and/or tropical storms.
Windstorm, wind, or wind and hail deductibles: Pay for any damage caused by wind storms, such as thunderstorms and straight-line winds, wind and hail,
and hurricanes and tropical storms. For Inland homeowners wind insurance is typically included in their base homeowners insurance policy.
There is no tornado insurance.