No matter how big or small your business property is, it’s a good idea to have it insured. You never know when someone might get hurt by it, or when a thief might steal or damage something. There are also natural disasters to worry about, such as fire and hail. Like any type of insurance, the Internet is full of information on small business property insurance, some of which is useless information and some of which is very useful.
The cost of insurance varies based on multiple factors. Some providers will allow small business owners to include commercial property insurance in a BOP (business owner’s policy), which is basically a package of various types of insurance. In some cases, the cost of the package as a whole is actually less than the underlying policies if you bought them separately.
These are some of the factors that will affect the price:
• Size of the premises. Obviously, a large commercial property will typically cost more to cover than a small property or a single unit of office space.
• The geography. The exact location where your business is physically located plays a large role in how much small business property insurance you will have to pay for. This includes the state and city, the crime rate in that neighborhood, the value of the land, etc.
Security and Protection Lawsuits for Small Business Property Insurance
• The amount of security and protection. Do you have any security equipment installed on the property? Are hazardous materials stored at or near the facility? Is the landscape kept clean and orderly? Is there an object that someone could trip over?
• Age and type of equipment. Obviously, heavy industrial equipment is going to cost more to insure than a home desktop computer. In terms of age, you will probably have to pay a higher premium if the equipment is older and contains parts that are now hard to come by, making it difficult to repair or replace.
• Age of the building. Older buildings are more susceptible to damage and will cost more to insure. Find out if you could save money in the long run by investing in renovations and remodels, or if there are any discounts available for certain upgrades.
Now you have an idea of what to expect when it comes to small business owners insuring their property. Regardless of your specific needs, you can count on a company like Hiscox to offer you the best policy. This company has its origins dating back to 1901 and has established an excellent reputation. There are many types of business policies to choose from, including affordable small business property insurance.