Commercial Property Insurance

Commercial PropertyProtect Your Business Property

Whether you own a commercial building, lease office space, operate a restaurant,  or work from home, commercial property insurance is a key component in business. Commercial property protects your business’ physical assets from loss such as fire, theft, vandalism. burst water pipe, and much more.

What Are You Covered For?

Building Coverage

In the case of loss from fire, theft, windstorm, vandalism, or bursting pipe, building coverage will help cover the cost to rebuild or repair the property so that you can continue with business as soon as possible. When reviewing your coverage options it’s important to understand what all those terms mean for instance; Open Perils, Named Perils, and Co-Insurance

  • Open Perils – These policies provide coverage for any incident unless it is specifically excluded in the policy. Typically, perils like fire, wind, smoke, theft, and vandalism are covered.Vacant Commercial Property
  • Named Perils – These policies cover only the incidents listed in the policy, this coverage form is typically used for specific policies including earthquake & flood.
  • Co-Insurance – Coinsurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property. The penalty is based on a percentage which is typically anywhere from 80% to 100% and is reported on the declarations page of the policy. Depending on the policy and the carrier it is possible to remove the coinsurance clause for additional premium. To avoid any penalties it is imperative that the property value is reported accurately.

Business Interruption Insurance

Business Interruption Insurance, also known as Business Income Insurance, keeps you from having to close-up shop due to a covered loss. Closing after a loss doesn’t change the fact that you still have bills to pay, employees that need to earn a salary, taxes, and most importantly you need to get paid as well. With Business Interruption Insurance in place you can keep the capital flowing while rebuilding from a loss.

Typical Losses Covered
  • Fire
  • Vandalism
  • Windstorm
  • Hail
  • Equipment Damage
What’s Covered?
  • Lost earnings due to closure
  • Fixed operating cost
  • Extra expenses that allow the business to continue operations
  • Cost to open a temporary location when necessary
  • Civil authority coverage

Business Personal Property Insurance (BPP)

Business personal property coverage provides coverage for things as furniture, fixtures, machinery, equipment, stock, all other personal property owned and used in the business, labor, materials or services furnished or arranged on personal property of others, and leased personal property that an owner has a contractual responsibility to insure.

What Types Of Loss Am I Covered For?

There are two types of business personal property coverage forms available:

  • Named-Perils – A named-perils policy only extends coverage when a specified loss on the policy occurs. In many cases this form excludes Theft & Vandalism.
  • Special Forms (All-Risk) –  An all-risk policy extends coverage to all events except those specifically named. This is the preferred and suggested coverage form for most businesses.