Commercial Buildings
Protect your business and your bottom line with commercial property insurance and general liability insurance. Cover your business from theft, fire, natural disasters, and more. Every business is different and has unique demands. Trust the insurance professionals at Buffalo Insurance to find the perfect policy tailored to fit your needs and your budget. Join the herd today and feel the comfort of knowing your business is protected, so that you can focus on growing it to new heights.
What is Commercial Property Insurance?
Commercial property insurance is designed to cover you in the event of loss or damage to your physical assets. Physical assets include many things, including the building itself, tools, equipment, furniture, computers, or even records. Typically, commercial property insurance protects your assets in the event of a theft, fire, vandalism, or other types of natural disasters. Businesses that operate in places prone to acts of nature should carry commercial property insurance, which includes places like Norman, Oklahoma. Commercial property insurance can protect you from ice storms or tornadoes. Many businesses need more than commercial property insurance. As such, businesses usually carry multiple types of insurance coverage along with just commercial property insurance, such as commercial liability insurance.
What Types of Businesses Use Commercial Property Insurance?
The truth is that any business can use commercial property insurance. If you have physical assets, which means even computers or records, then a commercial property insurance policy can help give you the protection you need. Retail businesses, service-providers, manufacturers, and even nonprofit organizations should have proper coverage in Norman, Oklahoma. Commercial property insurance is a core insurance policy that gives you the resources you need to rebuild after unexpected damages.
Types of Commercial Property Insurance
All insurance policies are different and they vary greatly between the different insurance providers. This is why working with a trusted commercial insurance broker is very beneficial to business owners. Experienced commercial insurance brokers can give you access to hundreds of insurers and policies, so that you can find one that fits the exact needs of your business. While there is a lot of variation in policies between the cariers, there are two general types of policies: open perils policies and named perils policies.
Open Perils Policies
Open perils policies provide business owners with the most protection. They protect your assets from losses as long as the cause is not explicitly excluded by the policy. Many open perils policies will explicitly exclude flood damage. Because open perils policies offer you coverage for a wide range of potential losses, they are typically more expensive than named perils policies.
Named Perils Policies
Named perils policies cover losses from particular problems that are specifically outlined in the policy. Typically, named perils policies cover such problems as theft, vandalism, fire, or wind damage. However, if your business assets experience a loss due to something not specifically named in the policy, then it will not be covered. Because named perils policies offer less protection than an open perils policy, they typically cost less.
What Factors into the Cost of Commercial Property Insurance?
All insurers are different and most insurers offer a variety of policies. As such, every commercial insurance policy is unique. Business owners should try to find a policy that provides them the coverage levels they need that fits within their budget. While every business is its own unique case, there are common factors that insurers use to calculate the premiums that business owners pay for commercial property insurance.
Business Location
Where your business is located can greatly impact your premiums. If your business is located in an area that is commonly impacted by natural disasters, then you can expect to pay a higher premium. If your business is located in an area that has excellent drainage and coverage from fire stations, then you will pay less premiums. It all comes down to how the location of your business makes it more likely or less likely for your business to file an insurance claim.
Construction
If your building is made with fire-resistant materials, has updated plumbing and electrical systems, then it will get more favorable premiums. Other factors such as fire-proof doors and interior walls could also help reduce your premiums. Basically, insurers want to know whether the construction of your building will make it more or less likely for your property to experience an insurance claim.
Type of Work
Insurers rate different industries with different risk levels. Office buildings are treated more favorably by insurers than restaurants or auto shops. If there is an element of danger to your daily operations, then you can expect higher premiums.
Theft and Fire Protection
If your business is taking extra steps to deter theft and stop fires, then insurers will look more favorably upon you. Advanced fire detection systems and sprinkler systems can help your premiums. The same is true for advanced security systems.
Buffalo Insurance Has the Commercial Property Insurance You Need
Every business is unique, so it does not make sense to try and find a one-size-fits-all insurance policy. That is why business owners in the know have joined the herd. Buffalo Insurance has access to hundreds of policies to find the perfect coverage for your exact specifications. We work hard to find the coverage you need at a price that fits your budget. The bottom line is that if you want commercial property insurance that protects your hide without breaking your bottom line, then there is only one place to go in Norman, Oklahoma. Contact the commercial insurance professionals at Buffalo Insurance today and see for yourself why everything is better when you are with the herd.
