Commercial Real Property Insurance
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What is Commercial Real Property Insurance?
A commercial real estate insurance policy is used to provide insurance coverage for business property. Retailers, manufacturing, non-profit organizations, and service-oriented enterprises are among the types of businesses that obtain commercial property insurance.
A business, large or small, has tangible assets that should be protected, so acquiring commercial property insurance is a wise idea. Fire, explosions, broken pipes, thunderstorms, theft, and vandalism are all covered under commercial property insurance. Earthquakes and floods are often not insured by business insurance unless they are specifically included in the policy.
Commercial Property Insurance Coverage
Commercial property coverage pays for the expense of replacing or reconstructing your business facilities, as well as stock or equipment. It safeguards your company’s tangible assets. If a fire breaks out, a pipe bursts, a storm blows through, or a robber strikes, commercial property insurance will compensate for the damage.
Commercial property insurance often reimburses you for damage to your company’s building or office, as well as its tools, equipment, important papers, and business records. It also includes external fittings like fences and signage. Commercial property insurance protects your structure, as well as everything within and externally, including:
- Interior and accessories
- Signs on the outside
- Gardening and fencing
- Documents of great importance
- Logistics
- Others' possessions
- Hardware
- Supplies and inventories
- Fixtures and furnishings for the office
- Technology and computing
- Customer property on your premises
- Systems for lighting
- Windows
Structural Coverage
Structural Coverage pays for the expense of rebuilding and repairing your business’s building/structure if it is damaged or destroyed. It is not needed by regulation, but most mortgage lenders will require it before they would provide you a loan.
Even if you own your business’s premises outright, you should purchase Commercial Property Insurance to cover the expense of repairs or rebuilding. Nonetheless, you should consider purchasing contents insurance to cover your inventory and equipment.
You must always insure your commercial property to protect yourself against possible expenses of having to repair your building or any liabilities that could occur on the premises.
What Does Commercial Property Insurance Not Cover?
It’s critical to understand the situations in which commercial property insurance won’t assist and when you may want additional coverage:
- If you are caught in a car accident while driving the corporate car for business delivery. Commercial car insurance would cover this circumstance.
- Flooding in your office building caused by severe weather is not covered by commercial property insurance. To safeguard your business space from flood damage, you'll need to get that particular policy.
- While on business, if you unintentionally damage a client's wall. Commercial Property Insurance will not pay for its damage as it is not included in the policy.
Commercial Property Insurance Deductible
Commercial property policy deductibles relate to a percentage of the damage that is the policyholder’s responsibility. Deductible levels differ by each insurance company, they can cost anywhere from just a few hundred to maybe even a few thousand dollars. When you purchase your business property insurance coverage, you will be able to select a deductible amount. In general, choosing a bigger deductible will minimize the cost of your business property insurance.
Get in touch with us
Contact us to get more information about Commercial Property Insurance or any other insurance you may need for your company/business. We’ve got you covered.