Commercial property insurance helps to protect the structures that help you operate your business. This type of business insurance is quite flexible. You can usually include a variety of building types in it.
However, your policy has to be clear. You need to ensure all of your property assets are on the policy in order for them to apply. For warehouses and storage buildings, special additional coverage may be helpful as well. Your business insurance agent can provide you with more guidelines related to your specific property.
What Do You Use the Space For?
Often, warehouse and storage buildings play an important role in your business operations. You use this space to house and protect your products, inventory, equipment, machinery and other items. Sometimes, what is in these buildings tends to be high in value and importance. That is why it is important to consider extensive property insurance to cover them.
It is not usually wise to lump these spaces into a traditional business insurance plan. Though it may be okay for smaller storage areas, it may not offer enough protection for larger spaces. You will want to ensure that all the risks associated with warehouse spaces have protection. You also want to work closely with your agent to address what is in these buildings. Having ample protection is generally good for the company.
Key factors that will determine what type of insurance you have include the following:
- What type of items do you store in that space? What is the total value of those items on a routine basis? This determines the amount of coverage necessary.
- What type of structure is it? Are there vehicles operated within it? It is important to understand the full scope of how these businesses and spaces operate.
- Is there a higher risk of fire? Do you store flammable items in this space? How are things like infestation, temperature, and water controlled? This will determine the risks associated with the structure.
Business owners should always view their warehouse or storage building with a careful eye when it comes to business insurance. A customized commercial property insurance package is generally helpful. It can help ensure that all of the risks of your business property have protection. Keep in mind you will likely also need commercial general liability insurance on this structure. Protecting both the liability risks and property risks is essential in nearly all situations. For more information on Shreveport commercial property insurance coverage, talk to one of our insurance professionals today.