Do You Need Property Insurance for Your LA Business?
You may be thinking, “I already have general liability insurance, isn’t that enough? Why would I need commercial property insurance as well?” However, if you intend on opening your business to the public, general liability coverage is just the tip of the iceberg in terms of the coverage you will need.
A typical general liability policy will not cover incidents such as:
- a fire erupting in your building which causes you to lose your entire inventory
- a thief breaks into your business and steals equipment or information
For a more comprehensive approach to coverage, we encourage you to consider a commercial property insurance policy.
Get A Customized Plan From Our Friendly Insurance Agents!
As a business ourselves, we understand your complex needs and the importance of comprehensive insurance. Talk to one of our business insurance agents at Cornerstone Preferred Insurance about your commercial building. Our specialists can review your policy and make sure that you have everything you need. You can also get a quote online!
We have insurance agents located in both Glendale and Santa Clarita, for your convenience!
FAQ About Commercial Property Insurance
What Will Commercial Property Insurance Cover?
Depending on the type of coverage that you purchase, commercial property can protect two areas:
- Physical business location: if you own a building, then you may want to cover the building and its contents. If you rent a building, then you may only want to cover the contents of the building.
- Business property: you can cover the property of your business even if it isn’t always in your business location.
A typical Commercial Property Insurance policy includes coverage for:
- Structure (building) of your business
- Lost inventory
- Outdoor signs
- Damage to the property of others
Commercial Property Insurance can also be more tailored to meet specific risk concerns, allowing you to opt for more coverage for some exposures, and less for others.
How is commercial property insurance different from general liability? Do I really need both?
General liability insurance covers damages that your business causes to others, including bodily injury to people on your property or damages caused by your product/service. For example, if a person slipped and fell on your property because of water that an employee had spilled, then general liability insurance would cover the medical bills and other damages from that incident.
Commercial property insurance, on the other hand, covers any damages to your business caused by others, whether the damage is to your structure or the possessions in your business. For example, if someone stole the computers in your office, then commercial property insurance would cover the replacements.
To have complete business insurance coverage, it is important to have policies for both general liability and commercial property.
Who should get commercial property insurance?
Business owners who:
- Own physical property for their business
- Have company cars (may also need commercial auto policy)
- Lease office space for their building
- Have clients come to their business
- Handle client property or cash
- Have property for their office/business use
Have further questions? Get in touch with Cornerstone Preferred Insurance in Glendale or Santa Clarita. Our agents will take as much time as is necessary to make sure that your business is fully covered with an affordable insurance policy.