Ohio Commercial Property Insurance
Some people think of commercial property insurance as coverage for their building, when in fact it is much more than that. Commercial property insurance should include everything from computers, files, furniture, product inventory, and your building. It will protect your business property against the devastating effects of a loss.
When you go to purchase the insurance you should consider what it would cost if you had to replace everything. Our producers and account managers at L Calvin Jones & Co. will discuss with you the options that are available to properly insure your commercial property. They will explain to you the benefits of a great Commercial Property Insurance policy as well as explain the difference between the three different causes of loss forms. Basic, broad, and special are the three different types. They will also explain co-insurance and when it comes into play during a claim.
A Commercial Property Insurance Policy can be customized to your specific needs. This coverage is available to any business owner with property to insure. Even if you lease space, you will want to consider all your furniture, equipment, inventory, and files etc. There may also be coverage for the improvements and betterments that you install into your leased space, depending on the coverage that you purchase.
Your Business Property would include your Building and your Business Personal Property. Business Personal Property would include your equipment, furniture, and fixtures. You can add Equipment Breakdown and Property Enhancement form which can give additional coverage for things such as Sewer and Water Back-up, Sign Coverage, Accounts Receivable, Debris Removal, and many other coverages.
Coverage is available for replacement cost or actual cash value (ACV). A replacement cost policy ensures that your settlement is based on what it cost you to replace the items at their current market prices, while an actual cash value policy reimburses you for the property’s depreciated value.
Our producers and account managers can also offer you optional coverages to consider, such as Business Income with Extra Expense. Business income coverage reimburses your business for revenues you have lost because of downtime caused by damage to or loss of your property. Extra expense insurance reimburses you for expenses incurred to avoid or minimize the suspension of business due to a loss.
Many of the insurance companies that we represent offer special programs and enhancement forms for commercial insurance customers that can give you additional coverages. All of the insurance companies are Best Rated companies and we can provide you with a copy of their ratings. We will review your coverage with you annually and make recommendations for coverages or changes that may be required. We are available to answer all your questions and concerns.
Our producers and account managers at L Calvin Jones and Company will discuss with you all of the coverages that you may need to insure your business to your specific needs.
If you would like a quote for commercial property insurance, please give us a call at 330-533-1195.