Business property insurance is an essential component of mitigating risk as a New York commercial real estate owner or manager. Business property insurance helps cover the cost of repairing or rebuilding business property in the event of theft, fire, or vandalism. This allows your business to continue operating with minimal disruption.
The majority of businesses are eligible to purchase business property insurance, and this should be a critical part of your overall business planning. The cost of repairing or replacing damaged physical property in your business can be astronomical, so it’s important to insure this property early on.
There are two primary types of business property insurance. The first refers to known perils which means that losses will be covered as a result of particular events outlined in the policy. In all risk policy, on the other hand, provides a broader level of coverage, and this is the kind of policy that most businesses would benefit from.
You may also want to add additional coverages based on your needs. For example, records for data protection, computer virus protection, coverage for property that is located off the premises, or undamaged stock protection for all possibilities for increasing your business insurance coverage.
When shopping for a business insurance policy to cover the physical property in your business, begin by conducting an audit of all of the assets that you have on premises that could be damaged in the event of loss or vandalism. Knowing what you have on hand is important for determining the value of your policy and in selecting the most appropriate insurer for your needs. As a commercial real estate owner in NYC, business insurance for your property is essential for giving you constant peace of mind.