The commercial property insurance revenue reached $1.613 trillion in 2020. Research predicts this industry will grow to $1.613 trillion by 2030 at a CAGR of 9.7% over the forecast period.
You must protect your property if you own a business where you and your employees rely on your tools and devices. Your business insurance can cover your building and its contents if you own it.
The insurance will also cover the building if you’re responsible for it under your lease contract. Today, you’ll find a lot of myths and misconceptions concerning commercial property insurance.
Here, we debunk the common myths and misconceptions about commercial property insurance.
Your Business Is Too Small to Need Insurance
Regardless of the type and size of your business, never assume that you don’t need insurance. The best property insurance isn’t about the employees you have, the square footage of your storefront, or revenue.
Instead, your commercial property insurance considers your business exposure to risk. This may include fire that destroys your inventory or theft of your company assets.
Your commercial property insurer ensures that such risks don’t bankrupt you.
Commercial Property Insurance Is Very Expensive
If this has been your understanding, it's high time you reassess. The business you own is worth protecting.
Focusing on the price alone will make you fail to see much value in your business insurance policies. Even though business insurance isn’t free, it’s worth every coin.
While you might think you can’t afford commercial property insurance, think about paying for expensive repairs, renovations, and lawsuits. The smaller your business, the more business insurance will help you.
Business Insurance Will Cover Potential Expenses if Hackers Access Customer Data on Your Computer
This is true only if you have cyber insurance as a business owner. cyber insurance will cater to the expenses of your business information getting hacked.
For instance, you may face a lawsuit after your customer's financial data gets comprised online by a hacker. Your cyber insurance will help cover your legal expenses in such a case.
Home Insurance Is Enough to Cover Your Home-Base Business
Your home insurance doesn’t cover any claims related to your business. For example, a painter working from home may get their art supplies damaged.
In such a case, the home insurance won’t cover the replacement expenses. So, as a home business owner, buy insurance that meets your business needs.
You can get coverage like commercial general liability insurance or business property insurance.
Personal Auto Insurance Covers Cars for Business Use
This is untrue. A personal auto insurance cover caters to accident claims that occurred when you’re commuting or taking a lunch break.
You’ll need a commercial auto insurance policy for accident claims that occur in the course of your job. Such cases include when you’re making deliveries or driving to a job site.
Commercial Property Insurance
Your business is the main reason you have a roof over your head and food on the table. Since it works hard to support you, the business deserves the best property protection.
There are many types of property insurance at your disposal today. Ensure you do your due diligence before you get your commercial property insurance.
Contact us to learn more about your business insurance.