Hey, When I was younger I used to think only residential properties could be insured. As I grew up, I got to know about commercial property insurance. Getting your property insured will safeguard your interest in case of an emergency, Read my answer below to know more details about the same.
What is commercial real estate property insurance ?
Commercial real estate insurance can be deemed as against your commercial property. It will protect the physical assets of the company from fire, explosions, burst pipes, storms, theft and vandalism.
Who needs commercial property insurance ?
If you own a commercial property, it is advisable you get your property insured. There are several different insurances that you can choose from. Businesses often choose to
deduct the cost of
commercial building insurance as an expense. The cost of the insurance will be determined by several factors including location and occupancy.
This is the end of my answer. I hope all your doubts about commercial property insurance have been cleared.
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Read more :
What does property insurance cover?
What is property and casualty insurance?
Is property insurance mandatory for SBI home loan?
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I remember some thieves broke into my friend’s commercial property last year and stole expensive machinery. Thankfully, he had commercial property insurance, which helped him pay for the loss. Let me tell you who needs commercial property insurance now:
Commercial real estate insurance is the insurance of a commercial property, to secure it from natural disasters, fire, or theft. Not every property is worth and shouldn’t be considered for commercial insurance.
Common Properties for Commercial InsuranceOffice premises, such as furniture, phones, and computers
Buildings and machinery
Communication infrastructure
Landscaping and fences
Inventory stock in reserve
Manufacturing equipment
Accounting books and log files
Before opting for commercial property insurance, you are required to evaluate the value of business assets, like the building, machinery, etc. Before you go for the insurance or evaluation discussion with the agent, you should have an inventory of the assets available. This info is helpful in determining the level of coverage required by the organization and the exact value of the replacement. These factors also influence the commercial building insurance cost:
Security and fire protection
Occupancy
Construction and design
Location
You are required to inform the insurance company within 24 hours in case of any eventuality. To avoid any rejections, you should keep the documents like duly filled claim form, fire NOC, and original policy handy. You will also need to provide desired witnesses, FIR copy, medical reports, etc.
Read more:
What does property insurance cover?
How much is rental property insurance?
What is property and casualty insurance?
I hope now you know who needs commercial property insurance.
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Intracity Shifting-Upto 25% Off
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Authors Of The Question
Who needs commercial property insurance?
Deepak
410 Views
2 Answers
2 Year
2022-01-06T17:52:35+00:00 2022-01-10T11:48:44+00:00Comment
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