Commercial Property Insurance

Owning a business can be a busy and a confusing venture. You are undoubtedly skilled at what you do.  But many entrepreneurs find themselves a bit lost when it comes to managing details like insurance policies, including commercial property insurance.

If you have a company that owns the building or land where you operate, you need commercial property insurance. Even if you are leasing the building, you likely still need protection. 

If this feels like another thing on a long list of required and tedious tasks, fear not. Lake Region Insurance Agency is here for you. We have years of experience serving people throughout Greater Minnesota. If you have insurance questions, we have answers. Stop by or call any of our offices in Cokato, New London, or Willmar, MN.

What is Commercial Property Insurance?

Commercial property insurance is often one of the core coverages under a business owner’s package of policies. A commercial property insurance plan protects your building as well as your property in it. It can cover outdoor fixtures as well, like fences and signs.

This coverage ensures your physical investments have protection from the cost of loss or damage from events such as:

• Fire
• Burst Pipes
• Storms
• Theft
• Vandalism
• Explosions

Check with your Lake Region agent about exclusions in your policy. Most of the time, insurers don’t cover damage from floods or earthquakes without an additional policy in place for those events.

What Does Commercial Property Insurance Cover?

Whatever your business is, you need commercial property insurance to protect your investment. You have worked too hard to leave it all vulnerable. This insurance covers more than just the physical building where your business resides.

Commercial property insurance can include:

• Computers and other digital equipment
• Furniture, including storage equipment, desks, and chairs
• Documents and materials inside the property
• Inventory and other merchandise
• Fences and other structures
• Outside signage
• Lost income due to building or property damage

What Affects Commercial Property Insurance?

The cost of your commercial property policy will vary depending on where you are and what your business is. The value of your building and assets and how risky your industry and location are will factor in.

Here are the main factors that insurance companies consider when determining the cost of coverage:

• Location – How safe is the area where your business is? Are there high crime rates? Are storms and other natural disasters likely?
• Construction – What materials make up your building? Did construction include fireproof materials? How old are the plumbing, HVAC, roofing materials, and electrical wiring?
• Occupancy – How many people are in the building each day? Are your customers regularly on-site?
• Added features – Do you have fire and theft protection measures in place? Do you have a fire sprinkler system? Do you have a security system?

Call Lake Region Insurance Agency Today

If you own a business and need information on commercial property insurance, call Lake Region Insurance Agency today. We have the answers you need, the service you deserve, and the expertise to provide you with just the right coverage.

As independent agents, we serve you, not the insurance companies. We will search for the right policy or group of policies to cover all your personal and commercial needs. 

At Lake Region Insurance Agency, we know you excel at what you do. You have built a successful business that you’re proud of, so let us partner with you to keep your investments safe.