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Commercial property insurance

Commercial property insurance

Protect your business property with commercial property insurance

Commercial property insurance can protect your business against everything from a minor hiccup to a major loss.

For example:

  • A fire could destroy your building and the contents inside
  • A burst water pipe could damage valuable documents
  • A storm could damage your outdoor sign

Whether you own your freestanding building, lease an office or work at home, business property insurance protects your business’ physical assets.

What’s covered by commercial property insurance

Commercial property insurance helps ensure the future of your business. It helps protect:

  • Your building
  • Your outdoor sign
  • Your furniture and equipment
  • Your inventory
  • Your fence and landscaping
  • Others’ property

What you need to know about business property insurance

A complete business property insurance plan is one of the smartest investments you can make in your business. It protects the costly, physical assets of your company such as the building, its contents and any outdoor fixtures such as signs and fencing.

Savvy business owners know that a fire or severe windstorm can shut down a business for an extended time, often leading to a permanent closure. But with a comprehensive business property insurance plan, you’ve got support and business income coverage to help you recover quickly.

Understanding the basics

Commercial property insurance plans vary from policy to policy.

Basic property insurance usually covers losses caused by fire, lightning, wind, and hail, or acts of vandalism. Additional coverage can be added for earthquakes and breakage of glass.

The essential items to insure in a business property insurance plan include your building, office equipment, inventory, and outdoor items on the premises such as fencing, storage sheds, or outdoor signs.

Determining the value of your business property

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

Replacement cost (RC) refers to the amount necessary to repair, replace or rebuild property on the same premises, with comparable materials and quality without deducting any amount for depreciation.

Actual cash value (ACV) is the cost to replace it with new property of similar style and quality, less depreciation.

Typically, the premiums for policies covering property insured on an ACV basis are lower because a lower limit is used due to the deduction for depreciation. This amount might not be enough if you elect to insure the property on an RC basis.

Your insurance agent can work with you to make sure you have your property adequately insured.

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