Commercial property insurance is a key coverage for business owners, especially when running a home-based business. That’s because it provides more coverage than homeowners insurance. This type of commercial insurance helps protect your business and its physical assets. It can pay your repair or replacement costs if your business property gets damaged or destroyed from a fire, theft or other covered loss.
Also known as business property insurance or commercial real estate insurance, this coverage helps protect your:
- Building
- Equipment
- Tools
- Inventory
- Furniture
- Personal property
What Does Commercial Building Insurance Cover?
Commercial property insurance coverage can help your business if:
- A fire damages or destroys your computers
- Lightning strikes the building you rent
- Someone breaks into your building and steals your inventory
It can also help protect important business assets, like your business income. If you can’t open because of a covered loss, it can help replace lost income for your company.
We understand every business has unique needs. That’s why we work with you to customize your commercial property insurance policy. You can add more protection for things like valuable papers and records, which can help cover the costs to:
- Reproduce important documents
- Provide temporary storage
- Move records to avoid a loss
What Doesn’t Commercial Property Insurance Cover?
Be aware that your commercial property insurance policy doesn’t cover every type of property damage. This coverage won’t help if:
- Your customer drops their laptop when they trip over a box in your office
- One of your employees puts a hole in your client’s wall
- You get into an accident while making a delivery to a customer and damage your vehicle
- A nearby brook overflows after a heavy rainfall causes flooding near your building and damages your inventory
- You or your employees intentionally damage property
You can get other types of commercial insurance to give your company more protection for claims like these.
Bundle Commercial Property Insurance With Essential Coverages Through a Business Owner’s Policy (BOP)
You can get commercial property coverage as a standalone policy. Many small businesses choose to get a Business Owner’s Policy (BOP). This combines three essential coverages into one:
- Commercial property insurance, explained throughout this page.
- General liability insurance, which helps protect your company from bodily injury and property damage claims made against your business.
- Business income insurance to help replace lost income if you can’t open because of a covered loss.
You can get a commercial property insurance quote to find out how this coverage or a BOP can help your company.
Learn How to Reduce Your Risk Exposure
There are steps you can take to help reduce your company’s risk exposures. For example, you can create a plan to regularly examine and test your company’s alarm and sprinkler systems. This gives you an opportunity to fix any issues and make sure you’re prepared for a disaster.
Bigger companies that need large property insurance can work with our risk engineering team to:
- Create a safe work environment
- Help reduce loss
- Improve operations
Commercial Property Insurance for Your Business
Creating a comprehensive plan is important when it comes to small business insurance. We make it our business to figure out the best way to have your back. That’s why we offer a wide range of insurance to help protect your company. You can combine these coverages into cost-effective endorsements to add to your policy.
Get a quote today and learn how we can help protect your company with commercial property insurance.
Do I Need Commercial Property Insurance?
Although commercial property insurance isn’t required by law, it’s something you should consider. Without it, you’re responsible for paying the costs to fix or replace your damaged business property. This can be expensive and the out-of-pocket costs can put your company at financial risk.
What Is Evidence of Commercial Property Insurance?
Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property.
What Is the Standard Deductible in a Commercial Property Insurance Policy?
Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property.