How Commercial Property Insurance Cover Theft

As an insurance broker, I often ask a question about how commercial property protects its content against theft. We’re going to discuss and answer that question to helps start-up businesses enlighten more about commercial property.

Before that let’s define commercial property insurance, a type of insurance that protects your business against physical assets such as inventory, supplies, equipment, building, landscape, electronics, land, etc. against damage. There are specific casualties that your commercial property insurance kick in like national phenomenon such as hurricanes, tornadoes, earthquakes, and some certain man-made events like theft or vandalism. 

Is Theft Covered With commercial Property Insurance?

To answer this question, as we mentioned earlier man-made events such as theft and vandalism are covered with this policy, that’s why theft is protected under your commercial property policy. The content of your business is protected under your policy. But you must aware that insurance has always been an exception to the rule, your physical assets are covered under your policy as long as they are on your property at the time of theft. Meaning once you move any of your equipment or business contents out of the property insured—specifically farther than 100 ft. from the location the items or equipment are no longer insured.

Once your business physical asset leaves the premises of the property it is no longer exists as “business personal property” this is how inland marine sets in. An inland marine policy is one that can cover your business property if it’s off the premises of your business. It is a separate policy designed to cover products, materials, and equipment when being transported over the land.

Make sure to bundle yourself with the inland marine policy if you have a team that takes computers, tools, and equipment with them to other third-party locations. Remember that once the item is “in transit” or move off your property, they are automatically redefined, and commercial property insurance can no longer cover it once it is damaged due to accidents.

Well, if you need any business insurance for your business, don’t hesitate to give us a call. We can give you the best business policy right off your business. Tony and I, Chris can give you the best coverage at reasonable rates.

Getting a well-knowledge agent and broker will help you ensure that you’re acquiring the right amount of coverage for your business need. Make sure to cooperate and tell your agent everything you need because an agent doesn’t really know everything. Because we believe that every company, organization, and business has its own needs, that is why it is necessary for them to know everything to offer you the right policy that your business needs.

No matter how small or big your business is, as long as your operating your business, it is best to support your company against anything. Because no matter how cautious you are, accidents can happen, and that single claim may have a huge impact on your business. Make sure to protect all your hard works and livelihood with sufficient coverage.

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