Protect your place of business

We consider several factors when determining your commercial property insurance premiums, including:

• The nature of your business (what you do or sell)
• The location of your business
• Information about the building your business runs out of (e.g., age, structure, etc.)

A deductible is the amount that you agree to pay (out of pocket) for claims-related expenses before your insurance company pays for the remaining costs.

Let’s say there’s damage to your property and the total approved cost to repair those damages is $5,000. If you chose a $500 deductible when you purchased your policy, you would need to pay for the first $500 worth of expenses, and Economical would cover the remaining $4,500.

Tip: Choosing a higher deductible will lower your insurance premium. Just be prepared to pay for any costs up to that deductible amount when you need to make a claim.

Even if you don’t own the building, commercial property insurance can still provide protection for your business equipment, stock, and contents. Your broker can help you understand your commercial insurance options, so you can choose the coverage that’s just right for your needs.

Earthquake coverage is available for purchase in many parts of the country. Premiums for this type of coverage are based on how close your business is to active earthquake locations, the type of building materials your commercial building is made of, the type of business you own, and other related factors.

We recommend reviewing your policy at least once a year, but there are certain times when you’ll need to contact your broker to officially update it:

• When your address has changed
• Any time you buy another property for your business
• If you’ve changed or added operations to your business