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Commercial Property insurance is very important for a Smoke & Vape business owner.
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Smoke & Vape

Why do I need property insurance?

Interior of cannabis greenhouse Your business assets aren’t just expensive – they keep your business running. With commercial property insurance, you’ll be able to afford repairs for necessary equipment after an unexpected event like a fire or a break-in. Commercial property insurance covers property damage caused by named perils. That includes burglaries, vandalism, fires, and storms. But it doesn't cover normal wear and tear or natural disasters.

Typically, this policy covers your building and business personal property kept at that location. If you don’t own or rent a building or other commercial space, the policy can cover assets stored at a designated location. These are usually places like your home or a storage unit.

Your potential exposures
Business storefront set ablaze

Let’s play out this hypothetical using a weekend office fire as an example. (Since fire is the cause of billions of dollars worth of commercial property damage each year, it’s a good place to start).
We know an insurer would reimburse you for the lost computers and desks. That’s great! But unfortunately it’s not the end of your problems. Your space is destroyed. Even if it wasn’t, the fire department isn’t letting you back in. Unless your team is 100% remote, you might have to pay for a temporary space. You may even have to stop doing business for some time.

So in the middle of this nightmare, you’re figuring out what property was lost. You’re looking for a new temporary space and working with your current and new landlords. You’re watching your cash flow slow to a trickle. Customers want answers. Employees are panicked.

How can I protect my business?

If you own your building, property insurance is particularly important for you. Here, a fire doesn’t just mean lost computers and extra rent… you have a massive recovery project on your hands. A property insurance policy that includes building coverage would reduce your exposure to the litany of surprise demolition, clean-up and construction costs.

Business personal property (BPP) losses are some of the most common insurance claims. Chances are this is what you imagine when you think of property insurance. It would reimburse the company for things like desks, computers and covered inventory after a fire. If your policy offers theft coverage, the impact of a burglary is reduced too. Your property insurance carrier is going to reimburse you for the stolen BPP.

How does it work?

Property insurance is an “indemnity” policy. This means that the policy is designed to reimburse your smoke or vape company for losses it directly experiences. Unlike “liability” policies, indemnity policies don’t require legal action (like a demand letter from a lawyer) for coverage to start. Once the property is damaged or destroyed, the claim process can begin.

Business income and extra expense coverage addresses some other expenses that sneak up. If a covered loss forces you to shut down operations, property insurance should reimburse you for income lost and payroll spent during that period of interruption. If you can’t shut down and need to rent a temporary space, your policy should pay that cost.

Property insurance policies can be tailored to address your smoke or vape company’s exact needs. What if your business is impacted by an equipment breakdown? Or a flood? What happens if other people’s property is destroyed while in your care? How about BPP occasionally moving from location to location…is this a part of your operation? Do you experience seasonal swings in inventory which make maintaining the right policy limits a challenge?

Carefully considering each of these questions (and several others) is critical for managing risk. Their answers will determine the kind of property insurance you need. That said, figuring out how to maximize your coverage while not overpaying premium isn’t easy to do on your own.

As a business owner, you know there are several different types of insurance you need in order to run your business safely and effectively. We have you covered.
To complete your coverage, here are a few additional coverages you may be interested in:

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