If you are one of the many new or existing owners of commercial property in America, now may be a good time to consider purchasing commercial property insurance to protect yourself in the event of a catastrophic event occurring on your property.
The macroeconomic picture of the United States now looks stronger following the Great Recession that began in 2008. Moreover, as a part of this economic recovery, demand for construction services has already started to grow and commercial property purchases have increased. According to a report on the commercial real estate industry by real estate firm CB Richard Ellis in October 2016, the American industrial market has expanded for 26 consecutive quarters. Three cheers for the recovery!
Commercial property insurance has an interesting history. The industry formed in 1666 after the Great Fire of London destroyed 13,000 homes and businesses. As you might imagine, in the many fires since, the majority of insured commercial property owners have fared far better than those whose catastrophes pre-dated the Great Fire of London.
Here are five tips to help you choose a commercial property insurance plan that suits your needs: