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Commercial Property Insurance

This type of insurance is used to cover any commercial property from perils including fire, theft and natural disaster. Many types of businesses, including manufacturers, retailers, service-oriented businesses and not-for-profit organizations can purchase commercial property insurance. Any business that has physical assets essential to their revenue stream should consider commercial property coverage as compulsory.

What Does Commercial Property Insurance Cover?

Although specific coverage varies from policy to policy, we will work with you to tailor your policy that makes sense for your business. Here are some of the primary items covered in a commercial property insurance policy due to loss from a covered peril:
  • The building, owned or leased
  • Business equipment loss
  • Damage or loss due to wind, hail, fire or theft
  • Accidental damage of property
  • Lost business income
  • Interruption of computer operations
  • Fixtures and electronics
  • Inventory and supplies

How Much Does It Cost?

Determining the amount that commercial property insurance will cost largely depends on the value of all of your business assets, including your building. Other factors that determine your premium are based on the following, and more:
  • Location: Buildings that are in cities or towns with excellent fire protection and that are not prone to storms or natural disasters typically cost less to insure.
  • Construction: The way your building is constructed and the upgrades that have gone into it can affect the cost of insurance. Has it been constructed with fireproof materials? Has the electrical wiring, plumbing, and HVAC system been upgraded? Buildings made of potentially combustible materials will have higher premiums, while those made of fire-resistant materials would be less.
  • OccupancyThe use of the premises will impact the insurance rate. A restaurant or repair shop is more likely to have higher risks associated with that business than a flower shop and may cost more to insure. If a business is in a building with a more hazardous tenant, premiums may increase.
To find out more information, please contact West Texas Insurance Exchange today. Our experienced team is here to help you find the right policy to protect you and your commercial property. We serve those in Midland, Odessa, San Angelo, Andrews, Monahans, Hobbs, Seminole, Fort Stockton, Sweetwater, Snyder, TX & beyond.
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