Commercial Property Insurance Pembroke Pines

Commercial Property Insurance Pembroke Pines Businesses

commercial property insurance pembroke pines

If you own a business in Pembroke Pines, FL, you will need to purchase commercial property insurance to protect your investment. This coverage can come in different forms and costs. Learn about the types of coverage available and important details like the exclusions and co-insurance clauses. Listed below are some important considerations for commercial property insurance. Listed below are some helpful tips to help you choose the right policy.

Cost

You may wonder how much your business will cost to insure. The cost of commercial property insurance in Pembroke Pines can vary, but a small business owner might spend less than $500 per year. A medium sized landscaping company with 20 to 30 employees may pay between $3,000 and $5,000 per year. What you do during construction is also a factor in the cost of commercial insurance. You may be able to reduce your premiums by using fire retardant materials or installing upgraded HVAC systems.

Types

There are several types of commercial property insurance Pembroke Pines businesses need to consider. Having the right insurance coverage for your business is important, and a good agency can help you with the process. At FIB Insurance, we have over 20 years of experience in the insurance industry, and we specialize in home, auto, and life insurance. We also provide auto and home insurance, as well as personal umbrella policies. Our agents are licensed by the Florida Department of Insurance and are knowledgeable about the many different types of insurance you can purchase.

Co-insurance clauses

Co-insurance is a key component of a business insurance policy, but many business owners do not understand its importance. While you may be able to avoid a significant partial loss if you have a low deductible, you should not ignore the clause altogether. Getting the wrong coverage could result in a financial penalty that lowers the settlement amount. To avoid these complications, understand what co-insurance means before purchasing an insurance policy.

Exclusions

There are many different types of commercial property insurance policies. Some provide broad coverage for many different types of property and exclude others. Broad form policies cover the basics, such as structural collapse and the weight of snow and ice. Special forms provide much more coverage, but exclude specific causes of loss, such as floods and earth movement. Some policies do not cover wear and tear or pests. Regardless of the type of insurance policy you purchase, be sure to understand the exclusions of each.

Business interruption coverage

A business interruption coverage policy can cover the expenses associated with restoring normal business operations after a disaster. Florida business interruption insurance does not cover all kinds of disruptions, however. To receive this benefit, you must have direct physical damage to your insured property. Some events, like disease outbreaks, do not necessarily result in physical damage. You may still be eligible for this coverage if you have a policy that covers business interruption.

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