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Nationwide Business Property Insurance: Comprehensive Coverage for Your Company

Commercial property insurance coverage is a necessity for any business owner. It covers most financial losses you may experience in the event the physical assets of your business – the building, equipment or outdoor fixtures -- are damaged.

Nationwide’s business property insurance coverage can be customized to meet the needs of most businesses. But before purchasing commercial property insurance coverage, it’s helpful to have a good understanding of the basics.

“It’s important to know what is and isn’t covered in a typical business property insurance policy,” says Krystal Pickett, Commercial Sales Agent for Nationwide Insurance. “That way, when you start comparing policies, you can compare apples to apples. And if you know what isn’t covered, you can look at options to fill in the gaps to make sure you have complete coverage.”

The basics

Essentially, business property insurance coverage can be defined in two ways: by what is insured, and the type events leading to the loss.

Commercial property insurance coverage safeguards a company’s buildings, contents, equipment, and other real and personal property.
This includes:

• Inventory
• Improvements made to the property
• Furniture, equipment (owned or leased) and supplies
• Computers and data processing equipment
• Records, valuable papers and other documents
• Fences, signs, and other outdoor property not attached to a building

Typical coverage extends to losses resulting from events such as:

• Fire
• Lightning strike, hail, or windstorm
• Explosion
• Riot, strike or other civil commotion
• Damage caused by vehicles, vandalism and aircraft

Additional coverage, called endorsements, can fill in where basic property leaves off. These include coverage for:

• Floods, earthquakes and volcanoes
• Building collapse and glass breakage
• Business income
• Equipment breakdown

What isn't covered?

While most basic commercial property insurance coverage is fairly comprehensive, there are other insurable areas often not covered this type of policy. Workers' compensation, health, life and disability insurance policies are written separately. Business automobile insurance covers company owned and non-owned vehicles, and employee vehicles used for business.

Some potential events or instances are not insurable by any policy. These include:

• Normal wear and tear, also known as depreciation
• Power failure (unless it causes damage to computers, a loss of digital data, or other damages to property)
• General failure of computer hardware or software
• Missing property in which there’s no evidence showing what happened to the property
• Nuclear reaction and war

Contact a Nationwide agent today and find out how our commercial property insurance coverage can protect your company’s property against most risks.