every trade has its tools; you wouldn’t want to work without them
Commercial Property Insurance is a necessity, whether you own the property where your business is located, rent your space, or run your business from home. More than just the building, property insurance protects your tools, inventory, furniture and fixtures – just about anything that stays on the premises.
What Does Commercial Property Insurance Cover?
Commercial Property Insurance – also known as Business Property Insurance, Non-Residential Building Insurance, or Commercial Real Estate Insurance – protects the physical assets you use to operate your business from damage from perils like fire, lightning, vandalism and theft, as long as it’s on the premises of your business.
Business Property Insurance covers:
- Damage to the Building your business is located in, whether you own or rent.
- Equipment that doesn’t leave the premises, like ovens, shop exhaust systems, or forklifts (though most equipment with wheels, that can leave the property, should be under a separate Inland Marine policy)
- Tools kept on the premises – these are a common target for thieves.
- Inventory stored on site.
- Furniture, in your lobby, offices, or break room!
If property damage keeps you from being open, your property insurance policy will often even cover lost income due to the interruption.
What Doesn’t Commercial Property Insurance Cover?
Generally speaking, vehicles. Any licensed vehicles will need commercial auto insurance; and most unlicensed vehicles or self-propelled equipment, we recommend scheduling on an inland marine policy. Of course, there are always exceptions, so it’s best to talk to an agent to be sure you are getting the right coverage.
Property Insurance also doesn’t cover any costs associated with personal injury – either or customers or employees – or damage done to OTHER Peoples’ property, even if it’s on the premises. Luckily, the policies that cover this type of thing (General Liability and Worker’s Comp Insurance) are commonly bundled with Commercial Property Insurance in a Business Owner’s Policy.
What other additional policies might I need?
Depending on the amount of risk in your area, you may want to add Flood Insurance and/or a Wind and Hail Supplement to your policy. And with every specialized industry, there are specialized policies that go along with it.
Choosing what type of coverage you want for your business can seem overwhelming; the amount of options daunting. Our Team has the experience and knowledge to take the guesswork out, and make sure you get the most important product of all: Peace of mind. Contact us or call today.