Commercial property insurance protects your structure, contents, inventory, and equipment. Proper insurance coverage is critical here. It ensures you have ample protections in place to meet all of your goals. With multiple business locations, you may need several policies. However, a blanket limit provides protection under a single policy. Here is how this may help you.

What Is Blanket Insurance?

One type of commercial property insurance to consider is blanket coverage. This is a flexible policy that can cover more than one property. It can provide several forms of insurance or cover several locations. This type of coverage does not apply to all companies. In many cases, your business locations should have separate policies. Each policy should address the individual needs of that business location. However, blanket insurance can be important in some situations.

How Does It Work?

This type of insurance groups together several properties under a single policy. As a result, it is easier to manage. Depending on the situation, it can cost more to have a comprehensive policy on each building separately. Here are a few examples of when it may be beneficial.

You Own Multiple Rental Units

As a business owner, you own several apartments or rental spaces in your area. You could obtain coverage for each property. With blanket coverage, you can obtain single limit coverage on all of your properties. Depending on the properties themselves, a blanket policy may or may not work for you.

You Own a Franchise with Multiple Locations

Perhaps you own several restaurants in the area. They are set up as franchises over several locations. This blanket coverage allows you to protect multiple locations under a single policy limit. Given that these policies have many similarities, this coverage may help you.

Why Invest in It?

Commercial property insurance can have limits. Many times, business owners want a policy capable of doing more. While blanket insurance sometimes costs more, it can provide more peril coverage. This is because the insurer can spread some of that risk out. This limits its exposure.

Consider it if you have multiple offices, warehouses, outlets or other locations. Speak to your business insurance agent. Find out how commercial property insurance applies in your situation. Compare both single limit and blanket limit policies. Determine which policy is easier to manage. Also, consider the cost difference between both options. For many business owners, covering multiple locations does not have to be challenging.