Questions? Call us at (940) 382-9691
What is commercial property insurance?
Texas businesses that own property have made substantial investments in their property. Purchasing commercial property insurance is an important way for businesses to protect their asset and investment.
Commercial property insurance can include various types of commercial insurance policies that insure the physical property. This can include buildings, equipment, tools, supplies, inventory and more.
Get a Quote
What Texas businesses should have business property insurance?
Most Texas businesses that own sizeable assets should consider business property insurance. When repairing substantial damage would be financially difficult, insurance is probably a good idea.
Businesses that have financed or leased assets might find themselves required to purchase business property insurance for those assets. Such a stipulation is common in loan agreements, as a means of ensuring that the lender’s financial stake is protected even if something happens.
Typical Claims Covered
What types of business property insurance coverage are available?
Business property insurance comes in several different forms. Some of the main categories of business property coverages are:
- Building Coverage: May insure buildings that a business owns, and other structures on the insured property
- Contents Coverage: May insure equipment, tools, supplies and inventory that’s kept on an insured property
- Tenants Betterment Coverage: May insure the build-out of a business’ leased space
- Signage Coverage: May insure detached and/or attached signs when they’re not otherwise covered
Does commercial contents coverage protect assets when they leave a business’ facility?
Commercial contents coverage primarily insures covered assets when they’re at a business’ location. The coverage often doesn’t apply once the covered assets leave a business’ location.
To fill this coverage gap, businesses might purchase inland marine coverage and/or builders risk coverage. Inland marine is a widely used protection that normally insures equipment, supplies and inventory as it’s transported between locations. Builders risk is a more specialized protection for the construction industry, as it mostly insures equipment, tools and supplies that are kept at job sites.
Do home-based business owners need commercial property policies?
Most home-based business owners can get by without a full commercial property policy, but there are cases where one is necessary or preferred.
Entrepreneurs should first determine whether they need to insure the assets they use for work. A writer who only uses a basic computer might not need to insure it, but a photographer who has multiple expensive cameras, high-end computers, and other accessories might need insurance. Whether insurance is needed depends largely on the value of equipment and supplies that are used for work, and the entrepreneur’s ability to cover that cost if need be.
When entrepreneurs need property insurance for their home business, they ought to check if it’s available through their homeowners insurance policy. Some homeowners policies provide limited coverage for home business equipment and supplies. Although coverage is limited, it might be enough in certain situations. If coverage isn’t available through a homeowners policy, then a commercial property policy might indeed be necessary.
An insurance agent who specializes in commercial property policies can help entrepreneurs determine how they can best insure their home businesses. An agent will be able to review a home business’ coverage needs in light of what protections are available through a homeowners policy, and then make a recommendation about getting a commercial property policy.
How can businesses in Texas get commercial property insurance?
For help insuring assets that a business has, contact the independent insurance agents of Ramey King Insurance. Our Texas agents will work closely with you to make sure your business’ property is well protected, and we can recommend the best commercial property insurance policies regardless of what company offers them.
Get a free insurance quote
Send us your info, get a quote!
Give us a call, we'll help set you in the right direction.