What Happens If Your Commercial Property Is Not Insured?

Regardless of size or sector, your business likely depends on some form of physical property to function. With that in mind, it’s necessary to implement sufficient loss control strategies to ensure that your company can continue operations even if an accident or other unexpected circumstances lead to the essential property being damaged.

What Commercial Property Insurance Covers

Commercial property insurance, also known as business property insurance, is a critical component of any organization’s coverage portfolio. This coverage casts a wide safety net across many common risks and exposures, such as the following:

• Fire
• Windstorms
• Hail
• Lightning
• Theft
• Burglary
• Vandalism

Although policies may be customizable and details may vary, commercial property insurance can generally help pay for losses involving the following:

• Buildings
• Electronic devices
• Equipment
• Tools
• Inventory
• Furniture
• Signage
• Landscaping
• Personal property

Understanding the Importance of Commercial Property Insurance

Like most types of insurance, commercial property coverage is designed to protect your business’s financial interests and future. Although some organizations may be hesitant to purchase policies and pay subsequent premiums, yours should understand how a diverse and robust insurance portfolio is integral to loss control practices.

Unforeseen events happen regardless of how diligent you and your employees may be. Furthermore, even a single incident could have wide-reaching implications, including significant property damage and devastating repair or replacement costs. Your organization’s out-of-pocket expenses could derail its mission and growth without adequate coverage.

In many cases, your business may even be required to carry commercial property insurance. For example, if you lease your premises, most landlords mandate that your business maintain certain levels of coverage. By failing to adhere to such requirements, your company may violate its lease and risk being forced to find alternative accommodations.

Get the Right Coverage

Accounting for potential risks and exposures and alleviating them with a suitable insurance portfolio is essential to securing your business’s future. Commercial property insurance should be a core component of your company’s loss control practices, as lacking coverage could leave you without the financial resources to manage an accident or error.

We’re here to help. For over 20 years, the dedicated agents at Clearwater Partners have made it their mission to help businesses in Tampa, Florida, acquire and maintain optimal insurance policies. Visit our website or call 813-497-7579 to get started today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.