What is Commercial Property Insurance?

For gun stores and other firearms manufacturers, having the right property insurance is crucial when protecting yourself and your business from potential lawsuits. After all, no matter how careful we are, accidents can happen, and without property insurance, those accidents could cost you thousands of dollars in fees.

However, not many business owners fully understand what property insurance is, and how exactly it can help their company. Here we go through the basics so that you know exactly what you need:

Commercial property insurance – the basics

Property insurance is essentially an umbrella term for all of the different types of policies that can protect your home or business from costly damages. Such policies include homeowner’s insurance, flood insurance, renter’s insurance, and, of course, firearms insurance. Commercial property insurance is focused on businesses, and it’s meant to cover any damages your property (as well as the equipment and products that reside on it) may sustain from any of the following:

Fire damage
Theft
Lost income
Customer injuries

What does it cover?

Property insurance will of course cover your building, but it can also cover many other things that reside both inside and outside of that building. These include:

Computers
Furniture
Important documents
Exterior signs
Fence and landscaping
Inventory
Equipment
Others’ property

How much does it cost?

How much you pay for your property insurance will depend on many factors, including:

Location
Construction
Occupancy
Fire and theft protection

These factors will determine how much your property is at risk of a natural or man-made disaster. For example, if your business is in Miami, your insurance may be higher than it would be in Wyoming, as Miami is more prone to severe weather.

For companies in the firearms industry, getting quality property insurance is vital to prevent yourself from losing thousands of dollars in fees and lawsuits. At Associated Services in Insurance, we can help you find the best plan to fit your needs. Contact us today at 816-229-4450 to learn more.

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