Commercial Property Insurance
Think about all of the time you spent designing your building or business workspace. It probably took years and an exacerbated amount of money. And don't forget all of the compliments you've received from your customers, clients and business partners!
The last thing you would want now is for all your hard work to disappear in a matter of minutes. Be proactive now! With commercial property insurance, you can protect your company and building from any internal or external damages that could inevitably hinder your daily business. Cover your business and partners now.
What Is Commercial Property Insurance?
Commercial property insurance is a form of insurance suited for business owners. It covers a few different elements, such as buildings you own or lease, business property such as inventory and machinery that is owned on your premises and the property of others surrounding your building. It's a bit like homeowners insurance — if anything devastating or catastrophic occurs to your business property, you'll be protected from shelling out thousands or potentially millions of dollars to restore and rebuild.
If your business owns property — whether for your own company's use or to lease out to another individual or company — you need to invest in commercial property insurance. The lowest, most basic form of this insurance will cover losses that occur due to fires, theft, vandalism, explosions or damages caused by other vehicles. You can always add on for more coverage, such as glass breakage and earthquakes. Unfortunately, losses due to flooding are almost never covered by commercial property insurance — but you can always find other ways to protect your assets.
Items and issues that may cost extra to insure include:
- Papers, data, records, securities and currency
- Damage from machinery or boilers
- Goods in transit
Commercial property insurance may also cover non-permanent and permanent fixtures, computers, data, equipment and even personal property you may have on-site belonging to your customers or others.
You may wish to seek coverage for the actual building where your company is based, inventory, landscaping, signs, furniture and more. You may even want to have coverage for property belonging to others, such as employee property. Today’s insurance options allow you to get more insurance on those assets that are most critical to your business and to pay less for the elements that may be less crucial.
Benefits of Property Insurance for Businesses
Commercial property insurance runs on the basis of covering losses for your business workspace that are out of your control. The most important step in all of this will be to take note or inventory of all the items and properties you claim as your own. Without you noting the individual elements or pieces of your property, your insurance might not cover the replacement or cash value of your items.
The examples of property loss you could endure are endless, but a few key property items you might want to keep an inventory of include computers, crucial records and other high-value items. If you have records coverage in this case, for instance, it can help pay to reproduce any vital documents you need remade. It can also help cover the costs of temporary storage and the transfer of records, which can help you avoid further loss.
Whether you lease or own your business property, you need commercial property coverage. In fact, this insurance, along with general liability, is among the most common insurance needs for all businesses. The loss of business property is devastating and can be enough to put your company's future in jeopardy. With the right coverage, you'll have enough resources to purchase new equipment and new property to stay open. If you lease your business property, you may also be required by your lease agreement to have specific real estate coverage.
No matter what you have covered and whether you run a small or large business, with commercial property insurance, you'll gain peace of mind and additional financial security in a crisis.
Types of Commercial Property Insurance
When you buy commercial property insurance coverage, you can choose between open peril and specified perils coverage. Open peril is more comprehensive, as it covers all types of damage except that specified on the policy. Specific peril commercial property insurance in New York covers you in the event of losses due to specific perils, such as fire or vandalism. If your business is most at risk from explosion, wind or a specific loss, you can save money by seeking specific peril insurance.
Commercial real estate insurance for your New York business protects the investment you've made in your machinery, inventory and building, but it's only one type of insurance you may need. It will not protect you against any losses caused by tenants in your business property, for example, and will not provide coverage in the event of a lawsuit. If you operate a business in New York, you'll want not only commercial building insurance but also other policies.
Contact Kokkoris Insurance Services for a free quote and evaluation to discuss property insurance and other solutions That May Suit Your Needs.
Choosing Your Commercial Real Estate Insurance in New York
If you're considering commercial building insurance in New York, consider those elements that are most mission-critical to your business and evaluate the replacement costs for your company. If your business property were destroyed by fire or damaged extensively, what would it take for you to open your doors again? If it has been some time since you've had the company structure evaluated, you may need to consider the current value of the structure.
Take a look at your current commercial general liability insurance coverage and other policies to determine what is covered. Is it enough? Consider, too, what may have been overlooked on your current insurance. For example, does your commercial general liability insurance in New York include business interruption coverage, so you can replace lost income and revenues while you replace what was damaged or lost? Does your coverage include a policy for electronic data or protection for valuable assets which may be moved from one property to another?
Finally, consider the most likely threats to your property, based on your location. Some properties may need additional flood insurance or could face higher risks of fire or theft because of their industry or location.
You don’t need to answer all these questions on your own. Contact Kokkoris Insurance Services for a free evaluation and quote. Our professional, experienced team can walk you through a series of questions to determine the right coverage for your needs and budget.
How We Can Help
Kokkoris Insurance Services has decades of experience and a customizable, customer-first approach. We'll review your needs and help you find the right product at the right price. Your insurance costs will vary depending on what you need to cover, the materials your buildings are made of, the risks of your business, your organization’s location, your hazard exposure and other factors. Even the presence of security and fire alarm systems or sprinklers can impact the cost of your policy.
In some cases, you can also save by bundling your business property coverage with a commercial policy or company owners policy. Kokkoris Insurance Services can help you review your options and find the right insurance fit. We work to ensure you get adequate coverage, and we're always there to answer your questions.
As your business grows and changes, we can help you adjust your policy so that it stays the right coverage at the optimal price. Our customization options ensure you continue to get the proper coverage, no matter what your specific costs are. Whether your organization is at risk from blizzards, floods, theft or other risks, our professional and courteous team can seek the right insurance for you.
We Want to Work With You
Get in touch with our team right away by phone or email so that we can start on finding you the right insurance solutions!
Where to Find Us
When you're ready to discuss your options for commercial property insurance, reach out to Kokkoris Insurance Services. We're committed to helping companies all around New York, including The Bronx, Manhattan, Queens, Staten Island and Brooklyn. Contact us by email or phone, and our team of passionate brokers will match you with the best possible prices for the services you need.