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Owning commercial property carries significant risks, which is one reason many businesses elect to lease rather than own. Fire, theft, and natural disasters such as tornadoes and hurricanes can have a heavy financial impact. Commercial property insurance is designed to help mitigate the risk of owning commercial property.
When a commercial property is leased or rented, the owner, rather than the tenant, may be responsible for certain types of losses, depending on the specific terms of the lease or rental agreement. When things go wrong on your property while it is occupied by a tenant, your commercial property insurance policy can provide protection in several different ways. However, your policy will have a specified time frame, beginning from the date a loss occurred, during which claims can be made and benefits are payable.
Your commercial property insurance premiums are tax deductible. You can write them off as a business expense to reduce your net profits and taxable income. Furthermore, if your commercial property is damaged in a natural disaster, such as a tornado or a hurricane, you are eligible for a tax deduction for all or part of the resulting losses.
The cost of a commercial property insurance policy can depend on several factors, including:
Commercial property insurance can help protect you against financial loss when things go wrong, such as theft, vandalism, burst pipes, fires, explosions, and storms. Our knowledgeable agent can help you find the best available rates for a commercial property insurance policy that suits your needs.Filed Under: Business Insurance | Tagged With: Commercial Property Insurance