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Commercial Buildings

Commercial buildings are the number one target for both theft and vandalism in America. Additionally, commercial buildings are often at high risk for lawsuits, as there is often a high amount of traffic coming in and out of a commercial building every day, and thus common accidents, such as tripping on a flight of stairs, or slipping on a wet floor, are more likely to occur. While most people would not sue a friend over a wet floor and a sprained ankle, most of those same people would not think twice about suing a commercial building for the same reason.

For these reasons, commercial building insurance is vitally important for the survival and success of your business, regardless of whether your business is small or large, owned by an individual or a big corporation.

As with any type of insurance, coverage differs from plan to plan. Most commercial building insurance, however, covers two different things. Firstly, the insurance plan covers the building as a property. This means coverage for fire, other natural disaster, vandalism, and/or theft. Secondly, the insurance covers the physical activity within the building, usually known as liability coverage. This covers accidents that occur within the building, such as property damage or personal bodily harm.

There are two types of commercial building coverage available here at BIA Insurance Agency, as with any other insurance agency. The first is known as replacement cost insurance. This means that you will be insured for the cost of replacing your entire commercial building and all of its contents. This is obviously convenient, as you will be covered to replace anything that breaks at full price. However, it can be expensive, as you must insure the building and everything in it for the value equal to the cost it would take to replace it.

The second type of commercial building insurance is actual cash value coverage. This is cheaper than replacement cost insurance, but you will only be paid out for the value of the building and/or its contents at the time that damage occurred, which may be significantly lower than what it takes to replace them. For this reason, we here at BIA Insurance Agency usually recommend replacement cost insurance, despite the high initial cost; in case of an emergency, it can save you a great deal of money in the end.

Here at BIA Insurance Agency, we offer a wide variety of commercial building insurance coverage options for you and for your business. One of our experienced and knowledgeable commercial insurance plan representatives will be happy to assist you and to help you determine what type of coverage is best for you. We are happy and eager to answer all of your questions, and to help you find the best, most affordable and extensive insurance coverage for you and your business, so give us a call today.

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