Do you own a business in Monroe, CT? If so, it is important to make sure you have adequate commercial insurance for your company. That said, one of the most important aspects is commercial property insurance. So, what is this? Our team at Fida Insurance Group has put together this brief guide to help you understand why this type of coverage is so important.
What is Commercial Property Insurance?
If your business is like most, you probably have a lot of stuff. Tools, computers, inventory, and even your signage are all considered a commercial property. What would you do if these items were stolen or damaged in a major event like a storm or a fire? Would you be able to stay in business or keep doing what you do?
Commercial property insurance covers these items and the building you own. In the event of a claim situation, your policy could help replace these items and/or repair your building so that you can continue on with running your business. Note that a leased building is not generally covered under commercial property insurance.
Why is Commercial Property Insurance to Protect Your Business?
Commercial property insurance is important because having to pay for those items out-of-pocket could cost a small fortune. As a small business, having the right coverage to protect your enterprise from the risks of the unknown is vital.
There are two ways to purchase commercial property insurance. You can either buy a separate policy or you can wrap it into a business owners package (BOP). While the BOP is usually the most cost-effective, it isn’t right for every situation. Your trusted insurance agent will be able to guide you on which one is best for your needs.
Are you ready to discuss purchasing commercial insurance for your Monroe, CT small business? Please contact our team at Fida Insurance Group today to schedule an appointment.