Whether your business is large or small, there are some things – such as a space, equipment, and furniture – you need to successfully operate. At the same time, you face risks including fire, storm damage, and theft, which jeopardize your ability to run your business. For Massachusetts business owners, commercial property insurance can provide better financial protections against the risks you face for your business property.
Physical damage to your business directly results in financial losses. From repair and replacement costs to lost income, when a fire, theft, or other event occurs, your business could be in trouble.
For many Massachusetts businesses, the financial damages that occur may be too much to overcome, forcing them to close. With commercial property insurance, you can get help covering these costs up to your policy limits, making it faster and easier to recover from a variety of common situations.
When you look around your business space, you are seeing your commercial property. Typically, most items within your office space can be covered by your policy, including furniture, computers, tools, inventory, documents, and customer property. Commonly excluded items are cash and vehicles, though your policy may specify other items that cannot be covered by a commercial property policy.
If you own your office space, the physical structure of the building, along with signage and anything else attached to the building, are also covered by your policy. If you rent your space, some items may be covered, though you need to carefully consult your lease and your insurance agent to determine your insurance responsibilities for your rental property.
When purchasing property insurance coverage, you should understand what is and is not covered by your policy. Fortunately, most policies cover the most common situations your MA business may face including:
Flooding is not covered by a typical policy and requires separate coverage. Your landlord or mortgage holder may require you to have flood coverage, especially if your office is in a high-risk area.
When a covered event occurs, you should contact your agent or insurance carrier. They will be able to come to assess the damage and determine coverage up to your policy limit. It is often helpful to keep photos and records of your inventory and office area to facilitate getting the best coverage as quickly as possible when damage occurs.
Running a successful business in Massachusetts requires hard work, perseverance, and forethought. Protecting your business space and property with a commercial property policy provides important financial coverage to help you recover without suffering severe financial losses when a physical loss occurs.