When a person rents an office, warehouse, store or other commercial property, they are responsible for any property they use or store in the rented premises. Commercial renter’s insurance reimburses the individual in the event their stock or office equipment is stolen or damaged. It also includes liability coverage in case the insured person inadvertently damages the rented property. While the cost of business rental insurance varies according to the types of business and insurance company, it is possible to find adequate coverage by selecting the best insurance company. An experienced and trustworthy insurance company, such as Perdue Insurance Group is dedicated to providing its customers the best rental insurance policies at a reasonable rate. Here are some of the commonly asked questions about Commercial Rental Insurance.
What do business rental insurance policies cover?
Commercial renter’s insurance policies cover destruction or damage of property due to fire, adverse climatic conditions, vandalism, and other common risks. Standard commercial property coverage also includes insurance against theft of the property. Property consists of business records, office equipment, manufacturing equipment, inventory and other valuable securities. The premises liability portion of the coverage protects the insured in the event a visitor to the rented premises sues them.
What factors affect the rates for business rental insurance?
Rates for business rental insurance are determined by the typical risk factors that insurance firms use to determine policy prices. These factors include fire hazards, the size of the business, geographic location of the property, history and the number of policies. The formulas used to calculate rental insurance vary from one insurance company to another. It is imperative to consult the selected insurance carrier to understand the rates better.
What is the difference between replacement coverage and actual cash value?
In replacement value coverage, the insured is reimbursed the full amount needed to buy new items. Premiums for this form of insurance are based on replacement cost values, not cash values. In actual cash value coverage, the insured gets an amount that is equal to the present value of the property less depreciation.
These are some of the most important details to know before buying Commercial Rental Insurance. Remember to choose a reputable insurance company, to get the best policies at an affordable price. For additional information business rental insurance, please go to visit the website
