Commercial Property Insurance
What Is Commercial Property Insurance?
Commercial Property insurance protects your physical assets, such as your building, office space, inventory, equipment, and furniture, from loss or damage caused by events like fire, theft, or certain natural disasters.
What types of property are covered?
It covers owned buildings, leased spaces, business personal property, inventory, tools, and in many cases, outdoor signs, fencing, or landscaping, depending on your policy.
What perils are typically covered?
Most policies cover damage from fire, wind, hail, vandalism, theft, and burst pipes. Coverage for flood, earthquakes, or equipment breakdown usually requires a separate endorsement or policy.
Is coverage available if I rent or lease my space?
Yes, even if you don’t own the building, you can insure your business contents and any improvements you’ve made to the rented space. Landlords often require tenants to carry this coverage.
How is the value of my property determined?
Coverage is typically based on replacement cost or actual cash value. Policies should be reviewed regularly to avoid being underinsured.
Does Commercial Property insurance cover lost income?
Not automatically. Business income/interruption coverage is often added to protect against lost revenue if your operations are stopped due to covered property damage.