Find out why you need commercial property insurance in Astoria, New York.
When you own a commercial property, you’re faced with a plethora of responsibilities. Just like it’s important for a business owner to invest in business insurance, it’s important for a property owner to invest in property insurance. Make sure that you get the coverage you need. Check out these reasons why you need commercial property insurance in Astoria, New York.
All About Business Owners Policies:
Your standard property insurance policy gives you coverage in three areas. It gives you coverage for the structure, the contents, and property, that in under your jurisdiction. Be aware that there are limits to the extent of coverage, but the structural coverage also tends to cover permanently installed fixtures and equipment. Coverage for contents tends to cover any property that you use to conduct business from machinery to inventory, but do be aware that there are exceptions to contents coverage. Coverage for property that’s in your care extends to your liability for that property. You don’t own the property but you have some control over it.
Types of Coverage:
You have the option of choosing a policy that covers your property under the cash value, or through the replacement cost. The cash value covers what the items are worth whereas the replacement cost covers the cost of replacing the item. Just keep in mind that there are limits to your coverage.
Commercial property insurance is vital to keeping your property safe. However, be smart about your coverage. Just like it’s important to have a diverse financial portfolio, it’s important to have a diverse insurance plan. In addition to your property insurance, protect your business with a disaster recovery plan.