Commercial Property Insurance in Wilmington, IL
Commercial property insurance is an agreement between a business and an insurer that outlines how the company may be reimbursed if its physical assets are damaged, destroyed or stolen after a covered event. Without it, businesses may have to pay out of pocket to repair or replace damaged property.
What Does Commercial Property Insurance Cover? 
Commercial property insurance may provide financial protection for various assets, such as:
- Buildings and structures
- Equipment and machinery
- Office furniture and fixtures
- Inventory
- Business records and documents
- Signage, landscaping and fencing
The types of events this policy can vary depending on your carrier and other circumstances, but often include:
- Fire
- Lightning
- Wind
- Hail
- Theft
- Vandalism
Is Commercial Property Insurance Required?
Commercial property insurance is generally not required by law, but local regulations, building codes and landlord or lender requirements can affect the type and amount of coverage your business may need. Additionally, if you lease a space, many landlords include specific insurance requirements in the lease agreement, which can differ depending on your business’s location and the property owner’s risk tolerance.
How Much Coverage Does My Business Need?
The appropriate amount of coverage for your business really comes down to the total value of the assets you’re insuring. Make a list of your company’s physical assets and then estimate what it would cost to replace them. Consider your business location and other details, as areas prone to severe weather or companies conducting operations that involve many risky assets may require higher coverage limits.
Start Your Coverage Today
Oak Knoll Insurance & Tax is committed to helping your business secure suitable coverage. Contact us today for a custom quote.