California Commercial Property Insurance
The Basics of Property Insurance
Your livelihood is dependent on the survival of your business, so it is imperative that you protect it against any potential threat—big or small. For instance, a fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage. This is where a business property insurance policy comes into play.
If self-insuring is not an option to combat these risks of loss, it is wise to obtain property insurance. This coverage comes in many forms to suit your specific needs. Before purchasing coverage, take a complete inventory of all your commercial property to determine how much you need to insure. This important step ensures you will have adequate coverage to continue your business in the event of a covered loss. Contact GDI Insurance Agency, Inc. today 1-209-634-2929 for your business property insurance.
What Types of Property Do You Need to Insure?
Here are some examples of property that’s commonly insured:
- Buildings and other structures (leased or owned)
- Furniture, equipment and supplies
- Money and securities
- Records of accounts receivable
- Leasehold improvements and betterments you made to the rented premise
- Electronic data processing equipment (computers, etc.)
- Valued documents, books and papers
- Mobile property (construction equipment, etc.)
- Property in transit
- Satellite dishes
- Signs, fences and other outdoor property not directly attached to the building
- Intangible property (goodwill, trademarks, etc.)
- Business contingency for suppliers
- Ordinary payroll
- Extra expenses as a result of loss
What Types of Commercial Property Insurance Policies Do I Need?
Basic business property insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Should you want to purchase more than basic coverage, you can buy a standard policy that provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond that, coverage for vandalism and malicious mischief can also be included.
Are You Buying Enough Commercial Property Insurance?
One of the most important aspects of purchasing California commercial property insurance is making sure that you have purchased enough coverage to be adequately protected. A typical policy will provide the replacement cost value for your building and the actual cash value for your business property. Replacement cost value is the amount that is necessary to replace or rebuild your building or repair damages with similar materials, without considering depreciation. Actual cash value, on the other hand, is the value of your property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.
Most property insurance policies include a coinsurance clause, which requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the actual cash value of the property. This will allow you to receive full coverage for your losses. Should you decide to purchase inadequate coverage for your property, you may be obligated to pay a percentage of all losses, even if they are listed in the policy.
GDI Insurance Agency, Inc. understands that determining your business’s value is critical, so we’re here to help. Contact us today at 209-634-2929 to learn more about our property insurance and loss control solutions to protect your business.
Saving Money on Commercial Property Insurance Starts Here
If you need to insure your Apartments, Office Buildings, or other forms of California commercial property insurance call us at GDI Insurance Agency. Our team is your Apartment Insurance, Office Insurance and commercial property insurance experts. We can save you money and time insuring your commercial properties. Don’t delay, contact us today at 1-888-991-2929, or fill out the form on this page to start your quote.
Learn How You Can Protect Your Business Against Property Damage
What your insurance doesn’t cover, thousands of small business owners in every part of the country submit insurance claims for property losses or damage every year caused by fire / flood / hurricane / tornado / or earthquake, however a recent national survey found that more than half of them are unprepared to pay for reconstruction repair or replacement expenses that are NOT covered by their Apartment insurance or Business Insurance or Commercial Building Insurance due to gaps, exclusions or limitations in their policies. Unfortunately these business owners do not discover this until AFTER they filed a claim.
There are two reasons for this:
One, the cost to rebuild or repair structures will almost always exceed the original construction costs due to the higher cost of labor and materials as well as changes in building code requirements.
Two, most business owners fail to update their coverage after making improvements to their property or replacing their equipment and machinery.
GDI Insurance Agency, Inc. Your Trusted Business Insurance Experts
Make sure your business insurance, or apartment owners insurance or commercial property insurance is up to date! Call GDI Insurance Agency, Inc. today at 1-209-634-2929 to learn how we can not only save you money on your commercial property insurance, but also make sure your have the right coverage with the right insurance company!
With locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business.