What is Commerical Property Insurance in Texas?
Commercial property insurance is often synonymous with business property insurance. This form of insurance protects small and large businesses from damage or loss caused by fires, storms, and more. Commercial property insurance offers dynamic protection to business owners and will protect your assets.
So, how does commercial property insurance pay-out work? To be fully protected, business owners should look at policies that offer replacement cost coverage. But often, you’ll find that property insurance policies provide either replacement cost coverage, actual cash value, or a combination of both. Briefly, when we talk about replacement coverage, the insurance company will pay for the replacement of assets. Actual cash value is defined as the cost for replacing assets minus the depreciation of the item.
3 Benefits About Texas Commerical Property Insurance
- Protection from a natural disaster: Weather-related risks such as hailstorms, hurricanes, and more can damage the infrastructure of your building which can cost up to $35,000+. When this occurs, your business property insurance can step in to replace and repair your building and equipment.
- Burst Pipe Repair: The winter months in Texas are harsh! Frozen and pipe bursts are a common dilemma businesses may face every winter. A pipe burst in your building can result in flooding, pipe damage, and damage to your inventory. All-in-all, this can cost your business a couple of thousand dollars in repair. Fortunately, if you have business property insurance, you won’t need to worry about paying for a pipe burst’s restoration and clean-up.
- Business Income protection: If a business faces an economic loss due to physical damage or loss, your business property insurance will often step in to provide income protection for the business. One recent example of this was the COVID-19 pandemic of 2020, where the presence of a physical contaminant, the virus, on a commercial property lead to businesses being shutdown.
What Does a Business Property Insurance Policy Cover?
Commercial property insurance in Texas may be a little confusing to understand. We often get many business owners wondering what is and what isn’t covered within their policy. When you purchase commercial property insurance in Texas, you’ll receive coverage for any damage to your business caused by fires, hailstorms, pipe damage, and even burglary. That being said, Texan commercial property insurance does not have liability and flood coverage. Hence, we highly recommend bundling it with additional insurance policies such as general liability insurance, flood insurance, and umbrella insurance when purchasing your commercial property insurance. If you are a business owner looking to bundle your commercial insurance policy, we highly recommend looking into a Business Owners Policy (BOP). This often bundles three different insurance policies, including commercial property insurance, business income insurance, and general liability insurance.
The Cost of Commerical Property Insurance in Fort Worth, Texas?
Did you know fire damage can cost your business up to $35,000 in repairs? And a burst water pipe can cost you up to $15,000!
Accidental damage to a business can undoubtedly rack up costs, making it difficult for business owners to fork up the money for repairs and replacement. Fortunately, Texan commercial property insurance is not as expensive as one might think. It’s pretty affordable, especially when you bundle your policies. Business owners in Texas can pay anywhere from $400 to $700 annually on insurance policies.
Searching for Affordable Commerical Property Insurance in Texas Made Easy
When you begin searching for an affordable commercial property insurance policy, we highly recommend viewing as many policies from as many agencies as possible. The idea of comparing one agency to another will allow you to create a dynamic picture of what best suits your business needs. You can reduce your annual premium cost by bundling your policy with other related policies such as general liability insurance etc, by bundling your policies and increasing your deductibles. You can receive discounts on your yearly premiums.
Searching for the most affordable business property insurance in Dallas can be made easy by simply reaching out to an independent insurance agency. James Little is an independent insurance agency that offers a non-biased, well-rounded approach to purchasing insurance for your company. We work for you, the policyholder, and not the insurance agency, and by doing so, we can provide you with multiple flexible options that cater to your company’s needs.
It doesn’t take much to get started; reach out to the team at James Little for a free quote on commercial property insurance in Texas.