Commercial property insurance protects you from loss or damage to the company’s property. A solid policy will cover personal property kept on site, supplies and inventory, computers and electronic accessories, office furniture, machinery and equipment, and property fixtures (e.g. lighting, carpeting).

You can find coverage in three basic categories, including:

• Basic Coverage protects against sprinkler leaks, vandalism, riots, smoke, storms, explosions and fires.
• Broad Coverage includes the basic policy plus water damage, falling objects and glass damage.
• All-Risk Coverage features Basic and Broad Coverage plus direct physical losses and theft.

With so many issues that could arise during business, it’s no wonder why this qualifies as a non-negotiable, necessary investment. You can come up with dozens of reasons to invest in commercial space insurance, but we’ll discuss five main issues in this article.

Natural Disasters Beyond Your Control

Tragic natural disasters happen all the time. And despite the advancements with technology and science, we haven’t found a way to control the weather. With all the terrible things that accompany these phenomenons, don’t set yourself up for business disaster as well.

Bad Things Happen to Everyone

Along with the weather, you’ll find plenty of other things in life beyond your control. What if a group of people decided to start a riot? What happens if you fall victim to bad press and get vandalized? What about something even smaller, like a leak in the sprinkler system? You may never think it would happen to you, but it can and it may.

Fire and Water Damage Fright

A burst pipe or faulty wire is all it takes to create hundreds of dollars in damage. You don’t need to walk into work one morning, only to realize the floor is sopping wet and all the electronics have short circuited. Imagine if that happened and you didn’t have any commercial space insurance in place. What a stressful day indeed!

Litigation Possibilities Around Every Corner

Without the proper protection, a single lawsuit could cause financial catastrophe for your business. Putting the proper provisions in place means protecting your assets from the damage of an unfavorable litigation.

Theft Could Occur at Any Moment

Criminals constantly lurk the streets seeking out the next target. And you could fall victim to that at any moment. If you walked into the office one day and had no equipment, what would you do? Well, if you had commercial space insurance, you’d simply give them a call and receive the compensation you needed to start running again.

New companies may feel the desire to cut corners in an attempt to save money. But commercial space insurance should not enter those budget cut conversations. With so many things that could go wrong, you need to prepare for the worst. That way, if it happens, you’ll feel prepared (instead of panicked) for the future of your business.