Commercial Property Insurance

Depending on the type of business, commercial property can often make up a significant portion of a company's exposure. A company may have an inventory of equipment valuing in the seven-figure range. Likewise, a business may own one or several high value buildings. When insuring your businesses property, it is important to insure equipment and buildings to their correct values. Below are some important items that should be considered when insuring commercial property. 

Building Replacement Cost Coverage – The cost to rebuild is often greater than the current market value. This is an important factor to consider when insuring any building. 

Business Income and Extra Expense Coverage – A business may see a loss in income resulting from an event that damages the place of business. For example, a commonly covered peril such as wind damages a store. As a result, the store has to shut down for a period of time and incurs a loss of income. A portion of this lost income can potentially be covered by business income coverage. 

Business Personal Property Coverage – Designed to provide coverage for business property that does not leave the premises. This type of coverage is different than for business property that goes off premises. 

Inland Marine Insurance – Commercial inland marine insurance is designed to provide coverage for equipment or business property that goes off premises. It is important to have an accurate equipment inventory to insure the property is insured to its correct values. Often times more expensive equipment has to be scheduled while small tools can remain unscheduled.