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405 S. Cascade Ave #101, Colorado Springs, CO 80903

How to Choose Commercial Property Insurance for Your Building

Outside of a commercial building with 3 orange awnings and 1 yellow to represent commercial property insurance coverage.

Many entrepreneurs want to start their own businesses for freedom, motivation, and to be their own boss. With that, comes a lot of responsibility.

When starting a business, you need to shop around for commercial property insurance. The right coverage option can protect your property from various unexpected incidents.

Keep reading to find out how to choose the best plan.

Discover Your Business Risks

To figure out the right commercial property insurance policy for your needs, identify your business risks. Common risks your business can be exposed to are:

  • Property damage
  • Employee accidents
  • Theft
  • Lawsuits

Risks can vary depending on the industry you are in. Restaurants are going to have different risks than office buildings.

As your business grows, you might experience more risks. Review your insurance policy every year or so to ensure it continues to provide adequate coverage.

If you need help figuring out what your risks are, speak to an insurance agent who can discuss specifics with you.

Get Multiple Quotes

It can be tempting to opt for the first quote you see, especially if you think it’s a good deal. Shop around and get multiple quotes to find the best plan.

Commercial insurance options range in price, coverage, and providers. The truth is that some providers are better and more reputable than others.

Do your research on insurance companies before accepting commercial insurance coverage. Online reviews can tell you how difficult it is to get payouts from one provider to the next.

Ask About Unexpected Costs

trusted provider will cover all of the unexpected costs you may incur before you sign up for a plan.

Many variables go into the different types of insurance. A high-deductible insurance plan, for example, requires more money out of pocket before you can file a claim.

Insurance deductibles are common in commercial property insurance policies, but the amounts vary. You must understand what your deductible could mean in the event of a disaster so you aren’t shocked by the prices.

Bundle Your Insurance Plans

To protect your Colorado Springs building, you will likely need more than one type of coverage. Commercial property insurance coverage can protect your company’s physical assets from emergency events.

However, most policies won’t cover flood damage, personal property, or business interruption. You can purchase these as separate business policies.

It’s smart to choose a provider that offers various coverage options. This way you can bundle your plans and likely save money overall. Bundling may help you get additional protections, too.

Get Commercial Property Insurance Today

Commercial property insurance coverage can keep your business safe and financially sound. With this peace of mind, you’ll be able to focus on other aspects of your business.

Your Insurance Lady, run by Veta Enright, is an independent insurance brokerage. We’ve been covering the Colorado Springs area and all of Colorado for over a decade.

Your Insurance Lady with DC Insurers Colorado can help you get the best commercial insurance policies at the best prices. Get a quote today to get started.

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