Commercial Property Insurance
Whether you own a commercial building, lease an office space, or conduct business from your home, commercial property insurance is an important coverage every business should consider having.
What Is Commercial Property Insurance?
Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. This includes your building and its contents, as well as exterior fixtures, such as a fence or outdoor sign.
What Is Covered Under Commercial Property Insurance?
Commercial property insurance covers your office space or building, belongings within the building/office, and business personal property. Covered items would include:
- Computers
- Furniture and equipment
- Exterior signs
Fence and landscaping - Important documents
- Inventory
Commercial property insurance plans vary from policy to policy.
Basic property insurance usually covers losses caused by fire, lightning, wind and hail, or vandalism. Additional coverage can be added such as coverage for earthquakes, flooding, broken glass, and more.
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How Does Commercial Property Insurance Work?
Commercial property insurance plans pay for losses based on the replacement cost of the item or its actual cash value.
Replacement cost (RC) – 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) – the cost to replace it with new property of similar style and quality, minus its depreciation.
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How Much Does Commercial Property Insurance Cost?
The cost of commercial property insurance varies depending on your needs. You’ll need to contact an agent for an accurate quote. Typically, premiums are lower for policies covering property insured on an ACV due to the deduction for depreciation. Your insurance agent can work with you to make sure you have your property adequately insured.
To learn more about protecting your business property when the unexpected happens, fill out the form below and one of our representatives will reach out to you.