Commercial property insurance coverage
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What commercial property insurance is and why it’s important

what is commercial property insurance

Your business has a lot of physical assets. Your building and its contents. Any outdoor fixtures like signs or fences. Stuff that can be damaged – which means you need to protect it. That’s why commercial  property insurance (also referred to as business property insurance) is one of the smartest investments you can make in your business. 

While unexpected accidents or events can happen anytime – storms, fires or other major setbacks – with business property insurance, you’ve got support and financial assistance to help you recover quickly.

How commercial property coverage works

Commercial property insurance coverage varies, but they’re generally classified by the type of event leading to a loss, and by what things are insured.

Basic property insurance usually covers losses caused by fires or explosions, theft, vandalism and damage from vehicles or airplanes. Additional coverage referred to as “endorsements” can be added to provide additional protection for things such as earthquakes and broken glass.

The key items insured in business property insurance include your building, office equipment, inventory and outdoor items on the premises.

Taking inventory

Before you meet with an agent, you should take an inventory of your business. This helps you determine what property you want to insure, what its replacement value would be and if it’s worth insuring.

The property you might insure could include: 

How do you want things covered?

Commercial property insurance plans pay for losses based on the replacement cost of the item or its actual cash value.

Typically, premiums for policies covering property insured on an ACV basis are lower because the limits only include the depreciated value. This amount might not be enough if you elect to insure the property on a RC basis. Your insurance agent can work with you to make sure you have your property adequately insured.

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