As an owner of commercial property, it’s important to be aware of the risk of damage to your property and to be insured properly to cover it. While it’s true that you can’t plan for everything, you can plan ahead for the more common issues that occur with commercial property.

Approximately 75% of businesses in the US are underinsured. In difficult economic times, for example it is hard to convince business owners to maintain a full insurance portfolio on a commercial property. If you consider the most common property damage issues, you may want to think twice about your insurance coverage.

  1. Burglary/theft
  2. Damage from a freeze
  3. Wind/Hail/Natural disaster
  4. Fire
  5. Customer accidents

Whether you own the business on your commercial property or you simply own the property itself, you also need suitable insurance coverage. In the event that you are simply the property owner, your lessees may not carry sufficient coverage for their business. As a result, you could be liable in a claim against the property also.

Burglary and theft are the most common property damages across the nation.

According to recent surveys, about 20% of businesses file a burglary or theft claim against insurance. Keep accurate records of your property and assets in the event of theft.

Damage from a freeze can prevent a business from operating.

Just ask any business owners from Texas about the freeze in 2021 that brought many entities to a halt for several days and even weeks. The freeze was unprecedented, and cost businesses millions of dollars in damages to pipes, equipment, and even the buildings themselves.

Wind, hail and other natural disasters account for about 15% of claims nationally.

If you live in an area where storms are frequent, make sure you have adequate coverage to repair and rebuild after incurring damage.

Fire poses risk to any structure in any location.

As a result, most comprehensive policies will include damage from a fire.

Customer accidents including slips or falls are something you can protect against in advance but also be prepared for should an accident occur.

Regular property maintenance is essential to help protect against preventable accidents. Keeping trash and debris picked up along with regular inspections of any tripping hazards is a great way to mitigate this potential hazard which results in about 10% of claims annually.

At Weaver Realty, we work with property owners to maintain and manage commercial properties in order to save our clients money long term. Our team of property managers is ready to assess your businesses needs and set up a custom plan for you. We are here to serve you. Call us at 904-733-0039.