We quickly insure many different types of commercial properties.
Commercial Property Insurance Coverages
Commercial property policies aren’t standardized in all states. This means coverage’s and policy terms will vary by insurance company and by policy. If a policy doesn’t provide all the coverage you need, you can usually buy endorsements to add or increase coverage. Endorsements usually raise your premium.
The following are some typical commercial property coverage’s:
•Building occupied by the insured coverage insures a building that you regularly use but don’t own. This coverage can be important if you lease or borrow a building.
•Newly acquired or constructed buildings coverage insures a new building if you add it to the policy in a timely manner – usually 30 days after acquisition or the construction begins. Commercial property policies usually only cover buildings named in the policy.
•Employees’ personal property coverage insures your employees’ personal property if the property is on your premises. Generally, you must buy this coverage as an endorsement if you need more than a limited amount of coverage.
•Off-premises property coverage covers your property located off site. If a policy doesn’t cover off-premises property, or provides only limited coverage, you might need an endorsement or a separate policy to cover it.
•Business interruption coverage pays for the income you’d lose if your business is damaged and you can’t perform your normal business operations.
•Extra expense coverage pays any additional costs to return your business to normal after it’s damaged.
•Valuable papers coverage provides limited coverage for your business records and other valuable papers. You might be able to increase the coverage amount with an endorsement.
•Ordinance or law coverage pays additional costs to repair or rebuild a facility to current building codes after it’s damaged. Many policies provide limited ordinance coverage, but you can increase the coverage with an endorsement.
•Boiler and machinery coverage covers boilers, air conditioning units, compressors, steam cookers, electric water heaters, and similar machinery. Coverage is usually only for machinery listed in the policy and to losses caused by malfunctions of boilers or machinery, such as when a boiler explosion or water heater leak causes damage to other property. You can buy this coverage as an endorsement or a separate policy.
•Inland marine coverage insures goods in transit by land, air, or inland waterways. It also covers projects under construction and transportation and communications structures, such as bridges, tunnels, and communications towers.
Commercial multi-peril (CMP) policies combine several coverage’s such as commercial property, liability, inland marine, and commercial auto into a single policy. It’s usually cheaper to buy a CMP policy than to buy the coverage’s individually. Business owners (BOP) policies combine property and liability coverage in one policy. BOP policies are primarily for small businesses.
Request a quote for your property or properties very easily (855) 235-2321.
Commercial Property Insurance: Protecting Your Investment
When it comes to protecting your business, commercial property insurance is one of the most important investments you can make. It is a specialized form of insurance that covers physical structures, such as buildings, inventory, equipment and supplies. Commercial property insurance also includes liability coverage in the event that property damage caused by a third party leads to legal action.
Commercial property insurance protects business owners from the financial loss associated with the destruction or theft of their building, its contents, and other valuable assets. By investing in this specialized form of insurance, business owners can feel more secure knowing that their investments are protected against unforeseen circumstances, such as fire and theft.
Understanding the Need for Commercial Property Insurance
Whether you own a large business or a small one, commercial property insurance is essential. Businesses may face significant losses if damaged by natural disasters, theft or accidents involving property. Owners of commercial property should have commercial property insurance coverage in place to protect against losses due to events that exceed their ability to pay for the cost of repairs or replacement.
In addition to protecting physical structures, commercial property insurance may also cover liability claims resulting from damages caused to other people’s property. Depending on the specific coverage provided, your policy may also include coverage for products and services that are offered by your business. For example, if your business manufactures a product and is sued due to damages caused by the product, then your policy may provide protection for your business against such claims.
Types of Coverage Offered Through Commercial Property Insurance
The type of coverage available through commercial property insurance varies depending on the particular policy. Generally speaking, coverage will include protection against damage caused by fire, storms, theft and vandalism. It may also provide coverage for damage caused by certain mechanical breakdowns, such as power failure, water damage and more. Additionally, you may be able to purchase optional coverage for additional risks such as terrorist attacks and civil unrest.
Business Interruption Insurance is another common type of coverage offered through commercial property insurance. This type of policy is designed to provide financial assistance to businesses when operations are interrupted due to damage to their physical assets. This could involve short-term rental income, lost profit payments or payroll costs during the period of disruption. Business Interruption Insurance may also protect a business against reputational damage and digital losses caused by cyber threats.
Finally, your policy may also provide liability protection. This covers legal costs associated with damage caused by third parties that exceeds your policy limits. Liability coverage typically extends beyond physical damage and may cover injury to others caused by your business operations, as well as loss or destruction of another person’s property due to an act on your part. When deciding on coverage limits for liability protection, consider the potential exposure your business may face in the event of a claim or lawsuit being filed against you.
How to Choose The Right Commercial Property Insurance Policy
When shopping for commercial property insurance coverage for your business, it is important to assess your specific needs and determine the amount of risk that you are willing to take on. Consider what assets need protection and what risks you would like to be insured against. Factors such as geographical location and type of construction should be taken into account when determining what level of coverage is necessary for your business.
It is also important to understand the differences between various forms of commercial property insurance policies so that you can choose the coverage that will best meet your needs. Speaking with an experienced independent insurance agent can help you understand the types of coverage’s available and ensure that you are getting the protection that is right for your company.
By taking the time to invest in commercial property insurance, business owners can secure their investments and peace of mind in knowing that they are protected against potential financial losses associated with unexpected events. If something were to happen to your business’s physical structure or assets, having insurance in place can prove invaluable in helping you pick up the pieces and move forward in a timely manner.
Here is a list of our most requested commercial property types that we may be able to bind online the same day.
• Airport Hangars
• Animal Hospitals
• Auto Body Shops
• Auto Parts & Supply
• Auto Repair
• Auto Sales
• Auto Salvage &
• Banquet Halls
• Barber Shops
• Beverage Distributors
• Bible Camps
• Building Material
• Book Stores
• Boy/Girl Scout Camps
• Bridal Shops
• Clothing Stores
• Coffee Shops
• Convenience Food
• Craft/Hobby Shops
• Donut Shops
• Electronics & Stereo
• Floorcovering Stores
• Future Farmers of
• Gift Shops
• Golf Courses –
• Grocery Stores/
• Hair Salons
• Home Improvement
• Liquor Stores
• Machine Shops
• Metal Working/
• Motorcycle Repair
• Nail Salons
• Nursing Home/
• Paper Products
• Rental Dwellings
• REO*/Forced Placed
• Roller Rinks
• RV Repair
• Senior Citizen
• Sports Bars
• Tanning Salons
• Thrift Stores
• Tire Dealers
• Toy Stores
• Traditional Summer
• Truck Repair
• Truck Sales
• Vacant Properties
• Vet’s Club/American
We offer help with Truck insurance and or commercial auto, roofers liability, multiple contractors coverage types, general liability, property and liability, inland marine, workers compensation and property just to name a few.