Get a commercial property insurance quote from our Rhode Island experts.
What is commercial property insurance?
Buildings and equipment can represent significant assets, and it’s important for businesses to protect these. Commercial property insurance may help Rhode Island businesses shield their assets from a range of covered risks.
Commercial property insurance offers tailor-made coverage for different types of assets that businesses might own. Policies might protect against fire, theft, severe weather, and more.
What businesses in Rhode Island need business property insurance?
Most Rhode Island businesses should have business property insurance if they own a building. Coverage is often also recommended for equipment, sizeable inventory, or any other significant assets.
If an asset would be financially difficult to replace, getting business property insurance is probably a good idea.
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What types of buildings can business property insurance cover?
Business property insurance is available for most types of commercial buildings that businesses or investors might own.
Policies are readily available for retail stores, restaurant buildings, office buildings, distribution centers, manufacturing facilities, agricultural structures, and multi-family housing. Coverage can also be had for special-use buildings, public buildings, and many others.
What protections are available through commercial property policies?
In order to cover different types of property, there are several protections that commercial property policies might have. Some of the main ones are:
Do commercial property policies come with liability protections?
Commercial property policies normally don’t cover liability risks. They focus primarily on insuring assets against damage or loss. Liability coverages can be separately chosen, and can usually be combined with business property coverages.
Can commercial property policies cover digital assets?
Commercial property policies typically don’t offer coverage for digital assets, usually restricting protections to physical items. Cyber insurance might offer protection for digital assets. It, too, can often be combined with business property coverage.
Can commercial property policies cover items when they’re off-site?
The protections offered by commercial property policies mainly insure assets when they’re at the insured premises. These policies don’t always cover items that are in other locations.
There are alternative policy options that can cover items off-site. Inland marine insurance generally covers items while they’re being transported, and builders risk insurance might cover items at a worksite. There are still other options to explore.
Can businesses insure several buildings with one commercial property policy?
Yes, it’s often possible to cover multiple buildings under a single commercial property policy. An insurance agent who specializes in commercial property can assist with finding a suitable policy.
How much does it cost to insure a commercial building?
The cost to insure a commercial building varies widely. Insurance companies can look at factors such as location, building size, building type, construction materials, and safety features when calculating premiums.
Comparing quotes with an independent insurance agent is an easy way to find out how much insuring a given building will cost. An independent agent can check quotes from several insurance companies offering policies in the state.
How can businesses with buildings in Rhode Island get commercial property insurance?
For help insuring a building or other asset, contact the independent insurance agents at Podmaska Insurance. Our agents have worked with many Rhode Island businesses to insure assets. We’ll make sure you find the commercial property insurance that’s right for what your business needs to protect.
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