Business Property

Commercial Property Insurance

Commercial property insurance offers protection for buildings, tenant improvements, contents and inventory against unexpected incidents, such as storm, fire, theft, smoke, subsidence, and burst water pipes. It is an essential insurance coverage for commercial property owners, which gives them peace of mind even in the wake of unexpected incidents that their property is safe and secure.

This type of insurance helps commercial property owners pay to replace lost or stolen property and repair or replace structures, buildings, and contents damaged due to storm, fires, or other such events. Commercial property owners or businesses can buy this type of insurance even if they rent, lease, or own a building. While the insurance will cover the contents of the building if you are an owner, it won’t cover the on-premises property if you rent or lease a building. In such a case, you must buy your own policy to cover the building property, including furniture, machinery, and merchandise.

A single commercial property insurance policy can cover similar businesses operating at multiple locations. The policy will not cover such businesses if they have different risk profiles and functions.

Types of Commercial Property Policies

You may need to buy specialized policies to fully protect your business in some situations, such as flood or earthquake.

Business Property may include the entire structure such as a stand alone building. An example might be a restaurant or office building
If you do not own the building it might be important to add tenant improvements and betterments. If you invested capital in the structure, you don’t own you could claim for that expense under a covered claim. Often businesses make customizations to buildings they occupy to make their businesses more efficient.
Contents and inventories are also important things to consider for coverage. If a fire ripped through a warehouse that stored thousands of dollars of inventory, it would be a financial crisis without property coverage. Do not to forget to add coverage for sprinkler leakage if the building you occupy has sprinklers.

Lastly, its important to make sure you have the right coverage such as full replacement cost. Some policies may offer only ACV (actual cash value) which would depreciate the value of the structure or contents.

Call us to get a review of your current policies. Whether you choose to work with us after or not, we’ll be happy to offer our advice for your specific situation.

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