If you own a business, having commercial property insurance is essential for making sure every aspect of your business is covered should something happen. If you run your business out of your home, you may think your homeowners’ or renters’ insurance will cover the items used for your business, home and personal belongings, but the fact is that they won’t.
Also, if you rent the commercial building where your business is located, you may think that your landlord’s insurance will cover the furnishings, equipment, and products used for your business, but it won’t. It only covers the building and structures associated with the building such as garages or sheds – not the items in the building.
In order to make sure that your business is completely covered and you will be compensated for any damages occurring to your business or the items associated with it, you should have commercial property insurance in Las Vegas.
What does it cover?
Commercial property insurance will cover damages caused by fire, theft, vandalism, lightning, windstorms, and power outages or surges. The insurance will pay for building repairs, replacing equipment, replacing furniture, and replacing inventory.
You will have the choice to insure your property at the actual cash value or at the replacement value. If you choose the replacement value option, your premiums will likely be higher, but you will receive enough money to get brand new replacements for everything damaged. Premiums will be lower if you choose actual cash value, but you will also receive less compensation for the damaged items and you may have to find used items as replacements.
If you want to save the most amount of money so that commercial property insurance is affordable, know what your business items are worth. This will help you know what kind of policy you need to protect yourself and your business.
In addition, take precautions to reduce the risks that something might happen. For instance, install a security system that includes an alarm and cameras, put deadbolt locks on the doors and shatter-proof glass on the windows, make sure the smoke detectors and sprinkler system are always working properly, and make sure the electrical system is up to date to lower the risk of an electrical fire.
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