Commercial Property Insurance

Commercial Property Insurance covers your own real and personal property. Consider what it would cost to go out and replace all your business-owned property, this is the amount you want to insure for replacement cost coverage. Further break it down between real property such as your building contents whether that is stock, furnishings, computer, or equipment. Keep in mind, generally speaking, only contents located at your premises are covered under a property policy. If you have mobile equipment, for instance, a backhoe at a job site, you will need an Inland Marine policy for coverage for property away from your location.

What is covered under property insurance?

⇒ Basic Form – The basic policy covers perils of fire, lightning, explosion, wind or hail, smoke, aircraft or vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, catastrophic land movement, and volcanic action.

⇒ Broad Form – A broader coverage protects your commercial property from all of the basic perils and adds falling objects, the weight of snow, ice or sleet, water damage, and building collapse.

⇒ Special Form – Includes basic and broad perils and anything else that is not specifically excluded (flood, earthquake to mention a few). Most businesses purchase a special form of property coverage.

Commercial Property Insurance covers your own real and personal property. Consider what it would cost to go out and replace all your business-owned property, this is the amount you want to insure for replacement cost coverage. Further break it down between real property such as your building contents whether that is stock, furnishings, computer, or equipment. Keep in mind, generally speaking, only contents located at your premises are covered under a property policy. If you have mobile equipment, for instance, a backhoe at a job site, you will need an Inland Marine policy for coverage for property away from your location.

What is covered under property insurance?

⇒ Basic Form – The basic policy covers perils of fire, lightning, explosion, wind or hail, smoke, aircraft or vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, catastrophic land movement, and volcanic action.

⇒ Broad Form – A broader coverage protects your commercial property from all of the basic perils and adds falling objects, the weight of snow, ice or sleet, water damage, and building collapse.

⇒ Special Form – Includes basic and broad perils and anything else that is not specifically excluded (flood, earthquake to mention a few). Most businesses purchase a special form of property coverage.

Thieves break into the office premises and steal the laptops, other equipment, and high-end office furniture. Your commercial property insurance will cover the loss.

⇒ Old plumbing causes the pipes in your office to break. The moisture due to the outburst of water damages the electronics near the leakage. The broad or special form property insurance will reimburse you for the electronics and other office damage but not for the damaged plumbing since that would be considered a maintenance issue.

⇒ Your building collapses from damage caused by a tornado. Your commercial property insurance will pay to rebuild your building.

Thieves break into the office premises and steal the laptops, other equipment, and high-end office furniture. Your commercial property insurance will cover the loss.

⇒ Old plumbing causes the pipes in your office to break. The moisture due to the outburst of water damages the electronics near the leakage. The broad or special form property insurance will reimburse you for the electronics and other office damage but not for the damaged plumbing since that would be considered a maintenance issue.

⇒ Your building collapses from damage caused by a tornado. Your commercial property insurance will pay to rebuild your building.