Commercial property insurance protects the buildings your business owns as well as the content of the buildings and personal property within. This applies whether you own your own building, lease office space, or work from home.
Why is Commercial Property Insurance Important?
This is critical protection that every business needs, protecting your physical assets from damages caused by storms, fire, theft, and the like, and covering the cost of repairs and replacement. Commercial property insurance can additionally cover lost income due to business interruption because of such an event. Without this protection, you would need to pay out-of-pocket for any necessary repairs or replacements in order to keep your business running.
Commercial property insurance can cover your:
- Equipment, tools, and supplies
- Personal property
A severe storm, vandalism, or burglary could result in shutting your business down for an extended period of time, but commercial property insurance can help support you in these times so that you can recover from such setbacks.
Commercial Property Insurance Won’t Cover Everything
While essential for any business, there are some things that are not covered with this type of insurance. These include:
- Damage to customer’s property while at your location – This can be purchased
- Damage to property at your client’s location – This can be purchased
- Damage to commercial vehicles
- Damage resulting from employee error
- Employee wages due to lost revenue
For this reason, you should consider bundling commercial property insurance with the other policies you need (such as general liability insurance and commercial auto insurance) in a business owner’s policy.
Getting the Right Insurance for Your Business
Every business’ needs differ, which is why you should speak with one of our agents to help find the policy that works best for you. The cost of your coverage can vary depending on the value of the property, where the business is located, and the deductible and coverage limits you choose.