Newman Crane & Associates Insurance Insuring Property Risks in Orlando & Central Florida
Whether you own or lease the building you’re in, Newman Crane & Associates is ready to provide you with Commercial Property insurance suited to your business needs. As the owner of the building, you need to be sure you carry enough insurance to replace or rebuild in the event of a fire or other covered disaster that damages your property. We will review the true value of your property to help determine its replacement cost.
We will also do the same for business personal property whether you own or lease the space in the building – this includes your fixtures, furnishings, inventory, supplies, equipment, etc. We can customize your insurance to ensure that you are properly protected by listing specific property items in your policy. For instance, you may own particularly expensive pieces of equipment that, if damaged and in need of replacing, would exceed your coverage limit.
In addition, our staff will evaluate your policy deductibles and coinsurance values, and how the insurance is applied.
The Cost of Property Insurance
There are several factors that go into determining the premium for your Commercial Property insurance, including:
- Territory. Your proximity to the coast in relation to the risk from hurricanes including wind exposure.
- The size of the business premises. A manufacturing operation will likely be more than a small office spaced leased by a contractor.
- Safety and security. Is your business located in a high-crime area? Does your business possess toxic materials or engage in high-hazard activities? Do you have stringent security measures? These can all affect insurance rates.
- Age of building. Older buildings can be more susceptible to certain types of damage, such as electrical damage, which cost more to insure.
- Type of equipment. Heavy industrial equipment will cost more to insure than computers at a retail shop.
As a small business owner or one in a niche market, your firm may be an ideal fit for a Business Owners Policy (BOP) where we bundle your Commercial Property and General Liability coverages under one policy. This offers both convenience and discount rates. A Commercial Package Policy (CPP) may be ideal for mid-size to larger firms, depending your risk profile.
It’s important to note that certain exposures are not typically covered under a Commercial Property policy and need to be addressed separately, such as Flood insurance.
Another real concern is when there is property damage to the building that causes an interruption in your business while repairs or rebuilding takes place. Our staff will review the amount of Business Interruption insurance you should be carrying in order to be able to pay ongoing expenses and recoup the income you are losing during this time.