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Fire & Water - Cleanup & Restoration

What to Know About Your Commercial Property Insurance

1/25/2022 (Permalink)

Commercial Insurance Commercial insurance policies may vary due to a number of factors.

What To Look For In Your Commercial Insurance Policy

If you have a business property in Santa Barbara, CA, you may be wondering what to look for in your commercial insurance policy. Your policy can vary depending on a few things so it’s important to ask your agent any questions you may have. However, there are some commonalities between most policies.

What Property May Qualify

There are a number of types of business property that may qualify for fire damage or other insurance policy. These may include:

• Any owned or rented buildings or structures used solely for business purposes
• Inventory housed in the building
• Signage or fencing placed on the property
• Equipment used for the business such as computers or manufacturing equipment
• Office furniture
• Important company documentation such as accounting records

What Factors Can Influence Your Policy

The location and usage of the company property may affect the type of commercial insurance policy the property is eligible for as well as its cost. If the building is in good repair and located near adequate fire protection it may cost less to insure. Similarly, a building used for low fire risk activities such as an office will cost less than higher risk usage such as a manufacturing facility.

What May Happen During a Claim

It’s important to file your insurance claim as soon as possible. Your insurance agent may want to send someone to assess the cause and extent of the damage, as well as take inventory of any damaged property and its value. They may also have a recommendation for a team of restoration professionals who can take care of any clean-up and repairs your business may need.

Your insurance policy may include fire protection for most assets your company claims, regardless of whether it’s owned or rented. In many cases, commercial insurance policies may vary due to a number of factors, so it’s important to read your documentation and talk with your agent if you have any questions. If a fire or other event should occur, your insurance company may have professionals they recommend to conduct the restoration.

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