As a homeowner, you're familiar with homeowners insurance. It covers liability claims and losses of property or personal belongings caused by physical damage.
You might also know that homeowners insurance is different from property insurance. The latter is an umbrella term for policies offering property protection, liability coverage, etc.
Now, you might be wondering, "How does property insurance work for commercial buildings?" Here's what you need to know about commercial property insurance and why it's essential.
Commercial Property Insurance in Houston, TX: The Basics
Commercial insurance policies specific to commercial properties typically cover three things. These include the building, business personal property (BPP), and personal property of others.
The first one is straightforward. It insures the structure listed on your insurance policy.
As for business property coverage, this extends to completed additions. It also covers fixtures, installed machinery, and equipment.
On the other hand, BPP covers the contents within. Examples include upgrades to a rented space, leased personal property, stock, etc. Lastly, the personal property of others refers to property left in your care (usually within 100 feet of the insured building).
Benefits of Commercial Property Insurance
When considering commercial property insurance benefits, cost is a factor that might make one hesitate. Let's say your business houses equipment worth millions or billions of dollars. The policy you choose will likely become a significant expense.
Still, it's best to think from a business asset protection perspective. It's impossible to predict when problems might arise in any business. However, you can always be ready for them with the right policy.
Not only will insurance create stability for your company and employees, but it can also help your business grow. When you have the best coverage in place, even a large loss will not close down your business.
There are also cases when you need an insurance policy to work with the right business partners. They'll likely move on to other options when they realize you don't have the basics down. Most of the time, it's not about you but the needs of your clients and stakeholders.
Shopping for the Right Policy in Houston, TX
Now that you understand the importance of commercial property insurance, it's time to choose. The policy you purchase will depend upon your enterprise insurance needs.
You'll need to compare prices rather than simply opting for the cheapest policy. An insurance agent can help you ensure you're fully covered, but it's on you to decide, so make sure you only buy from a licensed company that pays claims.
Additionally, you may want to consider property consulting in Houston, TX. If you plan to invest more in commercial real estate, you'll need more than insurance. You'll need experts to help you navigate the market and steer you into making the right decisions.
Ease Your Worries as a Commercial Property Owner in Houston
Owning commercial property in Houston, TX, doesn't have to be complicated. You now know why you need commercial property insurance. The next step is to ensure you're working with the best commercial property management company.
PMI Infinito can help. With decades of property management experience, we ensure residential and commercial property owners succeed with their investments.
Contact us to learn more about our property management services.
