Importance Of Commercial Property Insurance

​Whether you own your business premises or rent the space, commercial property insurance plays an important role in protecting the building and its inventory. It also protects things outside of the building such as fencing, outdoor signs, and landscaping including the garden and trees of the property. A commercial property policy protects your business premises and its content against losses such as theft, fire, floods, hurricanes, and other physical destruction. The policy will also cover loss of income to the business as a result of property damage. It's a key component of reducing your risk as a business owner and providing financial protection to your employees, clients, and your livelihood. 

Suffering a loss to a start-up or small business can be a devastating experience to the owner. The longer it takes to mitigate the losses, the greater the emotional pain. If the damage occurred due to fire, theft, natural disaster, or peril that's covered by a commercial insurance policy, the right coverage can help you get back up and run the operation quickly. The right commercial cover helps mitigate losses and limit your business's downtime. It also helps protect your reputation with the customers. 

​When the business has suffered a loss covered by commercial property insurance, the insurance provider will help with repair costs to get you back on track quickly. The right policy will help repair the damage quickly and minimize downtime of the business. Your employees and clients won't be severely affected by the damage or destruction thanks to the commercial insurance cover. 

Natural disasters are out of our control. No matter what you do to prepare your business for potential risks, you can't foolproof the business space. In fact, natural disasters can happen at any time and cause havoc to the property. Fire, storm, flood, and hail damage should be covered in your commercial property insurance to minimize the effects of these unforeseen situations. 

The Risks Of Underinsuring Your Business

The latest statistics reveal that most businesses have only 50 to 75 percent of their property value covered by insurance. The risk of underinsurance can affect more than just your business. The responsible party can be penalized for misrepresentation in the event of a claim. If the property has been intentionally underinsured, the insurer can refuse to pay the claim. Even if the insurer decides to pay the claim, it won't cover the full loss, and you will need to make up for the shortfall. You and your business will be in a very bad situation especially when you are trying to get up and run quickly after a loss. That's why you need to evaluate the actual insurance needs of your business premise before you get it insured.

The Importance Of Valuing Your Business Correctly

When the unforeseen happens, start-up and small businesses rely on insurance coverage to mitigate the losses and get back on their feet as soon as possible. Property insurance plays an important part in covering the building, plant & equipment, and contents of the business. It also covers the loss of earnings that occurred as a result of the destruction or damage. 

Most businesses aren't aware of the importance of valuing their business and assets correctly. Unless they are valued correctly, the business might be significantly underinsured without even the owner knowing about it. This leaves your business exposed to significant risks when the unforeseen happens. Make sure the business is properly assessed by a qualified insurance valuer from Doerfer Insurance Services in Baltimore, Maryland.

The proper valuation process will remove the risk of your business being underinsured. In fact, there will be no gap in the actual value of the property and the claim you get if the property is damaged due to whatever peril. On the other hand, proper valuation also helps prevent you from paying excessive premiums due to over-insurance. ​

Why Choose Us?

Commercial property insurance plays an important part in running a start-up or small business in Baltimore, Maryland. Whether you own the business property or have rented it, you need to ensure the property to safeguard the interests of your partners, employees, and customers in case the unforeseen happens and the property is destructed or damaged. Commercial property insurance covers losses such as fire, theft, floods, hurricanes, and other physical destruction. It also covers the loss of income as a result of the destruction. Doerfer Insurance Services is a trusted partner in Baltimore, Maryland for your commercial property insurance needs.

Doerfer Insurance has been in business for more than three decades, and you can rest assured that their professionalism and experience are unmatched. They are committed to providing the right coverage depending on the needs and budget of the client. Call Doerfer Insurance today to get a free quote.