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Broken store windowA commercial service building is any space your organization operates in. This space is valuable to your business. A comprehensive commercial property insurance policy is necessary. It should be a part of your business insurance policy. It is important to ensure the property coverage matches your needs. And, it is important to update this policy from time to time. Doing so reduces your risks. How can you maintain your coverage?

Know the Risks

Every business faces risks to operation. However, the type of risk will change based on the organization, the property and location. Risks include:

  • Threats to the structure of the building
  • Risks to employees
  • Risks associated with third parties entering the property, such as customers, clients, or even unauthorized groups.

It is essential to identify any concerns present. This includes things like fires, but also risks associated with vandalism and theft. Your agent can work closely with you to identify these risks. He or she will then develop a commercial property insurance policy to address all risks. Here are some examples.

Protecting the Building

A comprehensive commercial property insurance policy should address the threats to the building. Fires, thefts, and vandalism are common examples. A storm can rip the siding off the building. A fire can start in the service area, leading to thousands of dollars of loss.

This type of protection will cover the structure itself. It should also include any equipment within the building. Other contents also have coverage. This includes coverage for inventory, furnishings, and computer systems.

Minimizing Liability Risks

Most commercial service building owners also will need liability protection. This should include protection against losses associated with claims filed against the company for losses. For example, a customer enters the service area. He or she slips on a dirty or wet floor. The company may have to pay for losses here. Liability insurance provided by the company’s business insurance will cover this loss.

Know What Your Needs Are Annually

Review your commercial property insurance each year. Discuss the options for reducing costs with your Shreveport insurance agent. You may also need to update it to better match your property. This includes things like what you do at the location and the type and amount of equipment onsite.

Business owners will need a customized plan to address all levels of risks associated with the operation of the building. This includes risks associated with the company’s entire property ownership. Outbuildings, garages, sheds, or other locations should have a customized and fitting policy. This level of protection will likely fit within the company’s comprehensive plan. It should address other needs as well including workers’ compensation and commercial auto policies if they are applicable to the company’s operations.

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711 North Vienna Street
Ruston, LA 71720
Office: 318-251-1212
Fax: 318-251-3089

880 Bert Kouns Industrial Loop, St B
Shreveport, LA 71118
Office: 318-687-1222

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