In Mississippi, $3,120,632,000 in commercial insurance claims were paid in 2019 alone. Your company's protection should be at the top of the list. Mississippi business insurance will include commercial property coverage for your items.

Fortunately, a Mississippi independent insurance agent can help with policy and premium options. They review your limits for free, saving you time. Connect with a local expert to get started. 

What Does Commercial Property Insurance Cover?

In Mississippi, commercial property insurance can fall into several categories. Since there are different types of property, there can be numerous policy types. Take a look at what is covered under a commercial property policy in Mississippi:

• Commercial equipment: This can be anything from machinery to forklifts. Coverage will be for actual cash value or replacement cost. A deductible usually applies.
• Commercial structure: This covers the actual building you own up to the dwelling amount listed. A replacement cost estimator is used to determine how much it would cost to replace or repair your building. Coverage can be for actual cash value, replacement cost, or depreciated value.
• Commercial belongings: This will cover any business belongings, such as furniture, office supplies, and more. It will be for replacement cost, actual cash value, or depreciated value.  

Value of US commercial construction started in February 2021 by type (in billion US dollars)

Your commercial property is valuable and should be insured as such. When you have adequate protection, you won't have to worry about a loss being covered. 

Commercial Property Insurance Costs in Mississippi

Commercial property insurance pricing will vary from entity to entity. The cost of your coverage will be different from a business down the street. Check out the risk factors insurance companies use in Mississippi:

• Local weather
• Claims history
• Type of property insured
• Square footage
• Value or replacement cost of property
• If you rent out the commercial property to others

Top 5 weather-related risks in Mississippi:

1. Severe storms and lightning damage
2. Burglary and other property crimes
3. Hurricanes and tropical storms
4. Tornadoes
5. Flooding and water damage

Value of US commercial construction from 2002 to 2020 (in billion US dollars)

The value of your commercial property will affect your insurance premiums. The more it costs to replace your structure or items, the higher your rates will be to protect them.

How Much Commercial Property Insurance Do I Need in Mississippi?

With 257,404 small businesses currently in Mississippi, the amount of protection you'll need will depend on your specifications. Take a look at the different types of insurance given to commercial property owners:

• Replacement cost: This will pay for your commercial property's current value at the time of loss in full. When you have a claim, it will restore or replace your property to like kind and quality. 
• Actual cash value: This coverage is equal to replacement cost minus depreciation. If your commercial property is damaged, aged, or has natural wear and tear, this will be subtracted from the replacement cost amount. 
• Functional replacement cost: This meets between actual cash value and replacement cost. It will replace or repair your commercial property with material that is less costly but just as functional. 

Who Needs Commercial Property Insurance in Mississippi?

Commercial property owned by your business can come in many forms. From inventory to buildings, costs can range across the board. Take a look at the list below to see who may need commercial property insurance in Mississippi:

• Business owners
• Commercial property owners
• If you have commercial equipment
• If you have a property titled in a business name

Does Commercial General Liability Insurance Cover Property Damage in Mississippi?

Your Mississippi commercial property insurance has different protection from your general liability policy. Each will cover separate parts of a claim, and they can be on the same policy or on their own. Take a look at the facts:

• General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, or slander. This is usually the most accessed policy you'll own. 
• Commercial property insurance: Pays for the replacement or repair of a commercial structure, belongings, or equipment. This does not have its own liability limit, but is in addition to your general liability coverage.
• Commercial package policy: This is just how it sounds, a package. This package will include general liability, commercial property, and more ancillary coverages together on one policy. Typically, lower premiums and more robust coverage options will be included in a commercial package. 

How a Mississippi Independent Agent Can Help

Your Mississippi commercial property insurance can cover many different exposures your business may have. The right protection for your largest assets will require adequate coverage. When you work with a licensed professional, you'll get all the perks.

A Mississippi independent insurance agent can help you find a policy that suits your needs for coverage and price. Since they have a network of carrier options, you'll get the best deal in town. Connect with a local expert on TrustedChoice for tailored quotes in minutes.