3 Things To Know About Commercial Property Insurance in Case of a Fire

10/12/2021 (Permalink)

A kitchen fire in SERVPRO of Balch Springs that our team was able to clean up & remove any soot damage.

Commercial Property Insurance

In the event that your Balch Springs building experiences a fire, you'll want to have the right commercial property insurance. This is essential for financing parts of the fire damage restoration process. If you're unfamiliar with this type of insurance, here are three things to know as a business owner.

1. What Can Be Covered
One of the most important parts of getting commercial property insurance is determining what it will cover in the event of a fire. Essentially, this type of insurance covers the building itself, the assets inside and the assets that are just outside. These are some things that can be covered:

• Computers
• Equipment
• Documents
• Landscaping
• Inventory
  
  

After thinking over what you have, consider how much your business’ assets are likely worth and choose the amount of coverage that covers these costs. Also, consider any deductibles that would need to be paid before your coverage kicks in.

2. What Steps To Take
If you're looking to get this type of commercial insurance, there are some key steps you should take. First, thoroughly inspect your property. Take stock of every physical asset you encounter.
Next, meet with an insurance agent to get a better sense of how your coverage would work. If you can afford the agreed-upon coverage, it would likely be wise to invest in it.

3. What the Cost Is
The cost of your commercial insurance can't be immediately determined. Insurance agents need to analyze the replacement value of your inventory. Your agency will also take several other factors into consideration. Essentially, the cost will be lower if your building is less likely to experience a fire. This can involve your building's materials, the city's fire protection, the fire preparation in your building and the building's tenants.
In the event that your building experiences a fire, you'll want to be prepared with commercial insurance. Assess your property and consider taking steps to protect it.