Commercial Property Insurance Pennsylvania
Why do you need commercial property insurance?
If you own a small business, you need to ensure that your property and liability are adequately covered when facing an array of commercial exposures. The insurance you need will be based on your own unique needs that come along with your operation.
Losses are an unpleasant part of life. When the unexpected happens, your commercial property insurance will be there to protect your valuable business assets.Get A Quote
Commercial property insurance definition
Commercial property insurance protects your company's physical assets from fire, vandalism, theft, storm damage, broken pipes and sudden unforeseen disasters. Commercial property insurance does not cover the risk of flooding, however. flood insurance requires its own separate policy.
How much does commercial property insurance cost?
The amount you pay for commercial property insurance depends on the size and specific needs of your business. By taking factors like these into account, you can get a commercial property insurance policy that provides the coverage you need at a price that fits your budget.
It is important to note that commercial property insurance coverage can be included in a business owner's policy. This can simplify matters by including liability protection in one package.
Typical small businesses may pay as little as $500 a year for commercial property insurance while a large corporation may spend as much as $400,000+ per year.
Some factors that influence the pricing for commercial property insurance include:
- Protection: Is the commercial property equipped with protective devices, have access to a water source, and in the vicinity of a fire station?
- Exposure: Is the commercial property potentially located in a high risk crime or flood zone?
- Occupancy: Does the commercial property act as a residence for some or provide a place of work?
- Construction: Is the commercial property old or new construction? Is the commercial property built on frame, masonry, or something else?
What does commercial property insurance cover?
Commercial property insurance typically covers the building, and the contents of the building, like inventory, documents, and assets of the business just outside the building like Signs and fences. Additional insurance coverage can always be added to your policy if needed.
How much does commercial property insurance cost in Pennsylvania?
Commercial property insurance in Pennsylvania, like every other U.S. state, requires property owners to have some form of property insurance to cover against losses caused by disasters such as fire and theft as well as against accidental damages caused by its owners or tenants. As much as all states’ requirements vary slightly, property insurance policies must cover a minimum of fire and physical damage, theft and liability.Get A Quote