For California businesses, commercial property insurance is second in importance only to general liability coverage. Why? Because if a fire or storm wipes out your inventory, destroys part of the building, or ruins your computer equipment, you can’t make money. In a catastrophic event, you’re shut down until you can make repairs and buy new equipment or inventory.
Insurance coverage for your business property gets you back up and running faster and without financially ruining you or your company. At IBW, we can help you put together the right California commercial property insurance coverage for your business.
And if you’re a solopreneur, bootstrapping your way to success, you need commercial property insurance too. Even if you work from home, your homeowner’s insurance likely won’t cover damage to your business property.
Your Building: If your business needs a physical location to exist, you need insurance for your business. It’s not just the physical building that’s covered from theft, vandalism, fire, lightning, windstorm, or other named perils. Coverage also applies to permanently installed fixtures, machinery, or equipment.
Your Property: Whether it’s clothing on the racks or the food in the walk-in refrigerator, business property coverage protects your inventory and signage, as well as fixtures, machinery, and equipment that isn’t permanently installed.
Your Income: Sometimes referred to as business interruption coverage, business income helps you stay afloat when your business operations have been interrupted by a covered peril. You can pay your employees and keep things running until your business can re-open and generate income.
Electronic Data Processing (EDP): While this is technically a separate property coverage, it’s one to consider when you’re a California business owner. EDP provides additional protection for your computers and related technical equipment. Standard commercial property insurance is limited in what’s available specifically to technology. Consider EDP if your basic policy isn’t enough for your business needs.
Inland Marine: If you’re transporting goods, inventory, or equipment over land from one destination to another, inland marine coverage is another add-on you’ll want to ask about. It covers your business property in case of damage or destruction while it’s being transported. You’re also covered for any liability from damage or destruction that might happen to property in your care or control while it’s being transported.
Whether you’re opening a brand new business or you’ve been in business a while, IBW can help you find the California commercial property insurance policy that protects you and your business from all angles. We’ll take a look at your specific needs and suggest coverage that will keep your business going even when disaster strikes. Contact us today!