As per a report by the National Fire Protection Association, about 8,240 restaurants catch fire every year which results in property damage of over $200 million. It is not just restaurants that face this issue and lose millions in property damage. Recent statistics show that about 37,000 fires are caused in manufacturing and industrial properties every year due to electrical hazards, flammable liquids and gases and more, all of which amount to a whopping $1 billion in property damage.
These numbers show just how much property damage any business can face unexpectedly. No matter how careful you are, or even if you abide by all rules, regulations, and standards, accidents can happen anytime, anywhere. It is for this exact reason that every Texas Business needs Commercial Property Insurance, regardless of whether you are a huge corporation or a small business.
Commercial property insurance is a type of business insurance that covers losses which are sustained as a result of damage to a business property caused by fire, flood, theft, vandalism or any natural disaster. Using this type of insurance, business owners can protect not just the property itself, but their valuable assets including machinery and equipment, furniture, important documents, inventory, etc.
If your Texas business still does not have commercial property insurance, these benefits will surely convince you to buy one:
- Covers repair and replacement costs
Your commercial property insurance covers costs for repairs and replacements you need to get your business up and running again after suffering from disasters such as fire, theft, etc. Whether you need to repair a door or replace your computers or other equipment, your insurance can help you cover these costs.
- Can help you get back up on your feet faster by shortening the recovery period
If you have a commercial property insurance for your business, you can effectively shorten your recovery period after having suffered great loss. The experience can be even worse, and your losses will only increase if you take long to get back up on your feet.
- Provides business interruption coverage
After suffering from a covered peril, it is highly likely that your business can start operations the very next day as if nothing happened. In such cases, loss of income is inevitable. However, with a commercial property insurance, you can significantly mitigate your loss, so you don't have to worry about paying off your bills and other necessary expenses.
The Thumann Agency is your go-to insurance agency in Dallas, Texas. We offer all kinds of affordable insurance including commercial property insurance.