Commercial property insurance is an essential commodity in Ball Ground, GA. You especially need coverage if you own the land upon which your business sits. Many entrepreneurs in Georgia have commercial property insurance without understanding how such a plan works to benefit them. The Sanford Group can help you get the most out of your indemnity policy.
What does commercial property insurance do?
Much like home insurance, commercial property insurance helps pay for damages to the structure as well as equipment inside used to conduct business. The best indemnity plans also pay for supplies and inventory lost or damaged under covered events.
Some commercial property insurance plans cover lost or damaged property that does not belong to the policyholder. Such a perk is especially useful to entrepreneurs who lease equipment. You only need to show proof that the items are entrusted to your care to receive coverage from your insurance plan.
How do commercial property insurance policies work?
There are essentially two types of commercial property insurance coverage options:
- Replacement cost coverage, where your policy pays to repair or replace items with the same or comparable products;
- Actual cash value coverage, where your insurance plan pays the current value of the damaged item.
Actual cash value may not be the best option if your company has a lot of electronics. You will only get the market value of the items, which may not be much. Replacement cost ensures that you receive new products to compensate for the loss of damaged or lost items.
How much commercial property insurance do you need?
An insurance specialist at The Sanford Group can help you determine how much commercial property insurance your business needs to remain financially sound when the unthinkable happens in Ball Ground, GA. Call them today for a quote!