Commercial Property Insurance
Commercial Property Insurance
Commercial property insurance is a type of property insurance that provides coverage for business property against loss or damage. It typically includes coverage for the following types of property:
- Buildings
- Equipment
- Furniture
- Fixtures
- Inventory
- Vehicles
- Electronic equipment
Types of Commercial Property Insurance:
1. Named Property Insurance: Covers only the named property listed on the policy.
2. Blanket Property Insurance: Covers a wide range of business property, including equipment, furniture, and inventory.
3. Comprehensive Property Insurance: Covers a wide range of causes of loss or damage, including fire, wind, hail, lightning, and theft.
4. Business Income Insurance: Covers loss of income due to damage to property.
5. Business Property Liability Insurance: Covers damage to property of others caused by your business operations.
Coverage Limits:
The amount of coverage provided by a commercial property insurance policy is typically determined by the policy limits. These limits specify the maximum amount that the insurer will pay for any loss or damage.
Deductibles:
A deductible is the amount that you must pay out of pocket before your insurance coverage kicks in.
Exclusions:
Certain risks are not covered by commercial property insurance, such as earthquake damage, flood damage, and war damage.
Additional Coverages:
Commercial property insurance policies can also include additional coverages, such as:
- Business interruption: Covers loss of income due to a covered loss or damage.
- Extra expense: Covers additional expenses incurred due to a covered loss or damage.
- Ordinance and easement: Covers additional costs associated with complying with ordinance or easement requirements after a loss or damage.
- Windstorm damage: Covers damage caused by windstorms.
- Water damage: Covers damage caused by water, such as flooding or burst pipes.
Cost:
The cost of commercial property insurance premiums varies depending on a number of factors, including the location of your business, the type of property you own, and your claims history.
