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.