Commercial Building Property Insurance in OH: What It’s All About
Running a business successfully is not without risks. And unfortunately, nature does not always cooperate. Every year, business owners have their business property damaged or lost as a result of events that are completely beyond their power. Today we’re discussing why commercial building property insurance in OH is so important.
Commercial Building Property Insurance in OH is for any business that has physical assets. Although your building or other business property may not be making money for your company, its loss could still prove to be very costly for you.
What Is Commercial Building Property Insurance in OH?
A Commercial Building Property policy is one of the most common forms of business-friendly policies available. It is designed to cover most physical properties your business owns. The focus of it is to help businesses recover quickly after suffering property damage or loss.
Man types of business property are covered by this type of policy. Many businesses purchase this policy as insurance on a physical building. However, other types of business property can be covered by this policy, including physical copies of company records, which are often stored onsite.
Costs related to the business property can be covered. The cost of rebuilding after a building has been destroyed, or the cost of replacing property that has been completely lost our usual coverage areas. Any revenue that is lost, and that is insured by this type of insurance, can often be recovered.
Do I Need Commercial Building Property Insurance in OH?
This insurance may be for you if:
- You own or operate a business;
- Your business has any physical assets;
- Your physical property is essential to your company’s revenue;
- Your physical assets do not draw revenue but have other important uses.
What Does Commercial Property Insurance Cover?
At the highest level, it covers everything you own that fits under the definition of a “physical asset.” This can be anything, as long as your company can prove that the item was purchased for business purposes, or that its use is exclusively business-related.
Even if your company only stores physical documents, these two could be at risk.
Office equipment, buildings, and mechanical equipment are just some examples of what can be covered.
Whether the property is lost or damaged as the result of a natural disaster, criminal mischief or any other event beyond your control, any loss will result in a financial drain. This type of insurance can cover the cost of replacements, repairs, lost income, building costs, and can even cover higher building costs that are a result of inflation.
What is Not Covered by Commercial Building Property Insurance in OH?
Although this type of insurance covers most forms of commercial buildings and business property, it does not cover everything. Here is a list of things not typically covered by Commercial Property Insurance:
- Commercial vehicles;
- Property damage resulting from employee error;
- Property that was not purchased for the business;
- Personal assets that are not used by the business;
- Amounts beyond the agreed value of the property;
- Employee wages as a result of lost revenue due to property loss or damage;
- Property intentionally damaged by the business owner or employees.
Speaking with an insurance agent can help business owners identify the full list of items their business owns that will be covered by commercial building property insurance in OH.
Call our office today at 330-337-9557 to speak with one of our experienced agents to make sure that your business is protected.