There are many risks that come with owning and operating a business, which is why having business property insurance or also known as commercial property insurance, is very important.
Business property insurance safeguards your company’s physical assets and properties from damage, loss, and theft. It doesn’t cover just the building itself, but also the contents inside the building, such as furniture, appliances, inventory, as well as loss of profits in certain situations. Get commercial property insurance to ensure you have the best security for your business.
When looking for business property insurance and deciding the rate you’ll pay on your business, insurance providers can take into account a number of considerations, some of the elements are listed below.
The amount of coverage you need and how much it will cost will be heavily influenced by where your business operates,
The cost of replacing both your commercial space and its contents will help you decide how much coverage you need and how much the premium cost will be.
The risk of a building experiencing a failure rises as it ages. Insurance rates are usually smaller for newer buildings than for older ones.
One of the most common sources of insurance claims is water damage. The type of plumbing in your building can influence your coverage requirements as well as the cost of your plan.
Roof replacement, building security upgrades, and electrical device upgrades will all affect your business property insurance costs, and also be factors in lowering them
Simple process from start to finsih, there are also plenty of additional add ons you can look into.
They were the cheapest and most accommodating out of all the agencies that I contacted in Thailand. Now, I can rest assure that my building is covered with insurance.
The entire process was fast and painless, with helpful details and an immediate action! For me, your team did an amazing job. – Thank you, Maja H.
Simple process and impressive service. I will be definitely coming back if I need more insurance plan or renew my current building policy.
I had a wonderful experience from the time I submitted my claim to the time I collected my payment. The representative was extremely helpful and quick to react. The claim was processed quickly and efficiently, without causing me any inconvenience or taking up too much of my time.
Very impressive work from the thaiger, I personally never knew that you can do things like this online. I have already sent my information, will be waiting to hear from you soon.
Below are some of the most common types of business property insurance.
Direct damage insurance is the most common type of business property insurance. It covers the cost of repairing or replacing physical property, including buildings, office furniture, stick, and production machinery, that has been destroyed or damaged by a covered loss.
This type of business property insurance is called the “time element” due to the fact that losses are tied to the length of time required to replace or repair damaged property. When the property cannot be used because it has been destroyed, losses occur.
Time element insurance can cover business income and/or extra expenses. You can buy them separately or as a combination. Business income coverage protects your income if your company cannot operate due to damage. On the other hand, extra expense coverage helps you pay extra costs that your business incurs to continue operating while the property is being repaired or replaced.
This type of business property insurance cover losses caused by theft, including thefts committed by employees. It can also cover you against financial crimes.
When your business property is damaged, the right business property insurance will help cover the costs of repairs to get you back in business quickly
Top tip: Identifying risks early, so you can try to avoid them.
The Thaiger can find ways to protect your business so that your employees can function in a more pleasant environment. Applying with The Thaiger will assist you in selecting the right business insurance to protect the company from a variety of claims, including property loss and personal injuries.
The Thaiger provides a variety of insurance options, which are described below, from which you can choose the best one for you to cover yourself from mishaps and life emergencies
Accidents can and do happen, as much as we’d like to avoid them. Personal accident insurance can help you with the aftermath of an accident, especially those that cause serious harm to your health and finances.
Saving and Investing is one of the easiest ways of optimizing your wealth to satisfy your families and your personal goals, get saving and investment insurance for your future.
We understand how hard it is to think about the unwanted situations that could affect your business. The reality is, these events can and do happen, which is why having the right business property insurance is vital. Below are some steps you can take to ensure that you choose the right policy for you.
Knowing your business means knowing your coverage. Know what risks your business is more likely to face. Also, keep in mind that there are exclusions in basic policies, which can affect your business’s ability to continue operations quickly after a loss. Most business property insurance excludes floods and earthquakes, exposures involving vehicles subject to motor vehicle registration, as well as normal wear and tear.
Enhancements are offered by most insurers to give your the opportunity to get more coverage. For example, you can get coverage in case of an earthquake or coverage for smaller costs.
Do you own or rent the property for your business. If you own it, then you will likely be responsible for almost all expenses, so naturally, you’ll need more comprehensive coverages. If you rent your space, you may not be responsible for everything. Therefore, make sure to look closely at your contract or lease to find the gaps in coverage.
Each form of insurance, such as car insurance, home insurance, life insurance, and others, helps to protect you in the event of a disaster life-changing situation. SME business insurance, on the other hand, protects your small to medium-sized business against investment, legal, and other claims in the event of an accident, disaster, or other unforeseen occurrences.
SME business insurance also aids in the business’s defence from incidents like financial losses.
Except for those mentioned in the protocol, all-risk plans address a broad variety of accidents and perils. Peril-specific insurance that only covers damages caused by the perils like Heat, storm, robbery etc.
Property insurance premiums are calculated by multiplying the value of the building and its contents by a value that corresponds to the degree of risk. Property insurance premiums are often higher for high-risk properties, whereas lower-risk properties are less expensive to cover
Business property insurance is essential for business owners, particularly those who operate from home. This form of property insurance aids in the protection of the company’s physical properties
The contract should specify who is in charge of obtaining and paying for building insurance