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Commercial Property Insurance

Commercial Property Insurance

What is commercial property insurance?

Commercial property insurance provides coverage for buildings your company owns or if required by contract a building your company leases as well as business personal property. Additional coverages can be added, and the limits of coverage are tailored to your business’ requirements. You need to talk to an insurance professional to help you understand the optional coverages that best fit the needs and exposures you are faced with.

Why you need commercial property insurance

Could you write a check to replace your commercial building and all of your business contents? Even if you could, would you want to? That’s a very basic example, but commercial property provides coverage for the things that allow you to conduct business every day. The fact is, you can’t afford to not have a properly written commercial property insurance policy.

What does commercial property insurance cover?

Commercial property insurance is incredibly flexible, but the main coverages you’ll see are building coverage, business personal property coverage, and Business Interruption Coverage. Please note,  there are many other coverages that can be added to your commercial property policy to keep you from financial ruin.

Building Coverage

This section of your commercial property policy covers buildings you own or lease if required by contract, and includes permanently attached equipment, fixtures, and machinery. Also included are completed additions and floor coverings.

Business Personal Property

Provides coverage for property owned or leased by your company, contents, inventory, stock, non-permanently attached equipment and machinery, and betterments or improvements if you are a tenant

    Business Income and Extra Expense

    Business Income and Extra expense are property coverages that have quickly moved up the ranks as far as “must haves” for a business owner. These coverages protect your business when faced with a suspension of operations during its restoration due to loss from a covered peril. Extra Expense is a coverage that can be purchased separately but should not be left off due to the coverage it affords. Extra Expense pays for the additional costs that are in excess of normal operating expenses that an organization incurs due to a covered loss, in order to continue the operations as if nothing happened. You may need to temporarily rent another building, temporarily rent equipment, rent trailers for offices, temporarily lay people off but instead of sending them to the unemployment line, you can continue their pay.

    What is commercial property insurance?

    Commercial property insurance provides coverage for buildings your company owns or if required by contract a building your company leases as well as business personal property. Additional coverages can be added, and the limits of coverage are tailored to your business’ requirements. You need to talk to an insurance professional to help you understand the optional coverages that best fit the needs and exposures you are faced with.

    Why you need commercial property insurance

    Could you write a check to replace your commercial building and all of your business contents? Even if you could, would you want to? That’s a very basic example, but commercial property provides coverage for the things that allow you to conduct business every day. The fact is, you can’t afford to not have a properly written commercial property insurance policy.

    What does commercial property insurance cover?

    Commercial property insurance is incredibly flexible, but the main coverages you’ll see are building coverage, business personal property coverage, and Business Interruption Coverage. Please note,  there are many other coverages that can be added to your commercial property policy to keep you from financial ruin.

    Building Coverage

    This section of your commercial property policy covers buildings you own or lease if required by contract, and includes permanently attached equipment, fixtures, and machinery. Also included are completed additions and floor coverings.

    Business Personal Property

    Provides coverage for property owned or leased by your company, contents, inventory, stock, non-permanently attached equipment and machinery, and betterments or improvements if you are a tenant

      Business Income and Extra Expense

      Business Income and Extra expense are property coverages that have quickly moved up the ranks as far as “must haves” for a business owner. These coverages protect your business when faced with a suspension of operations during its restoration due to loss from a covered peril. Extra Expense is a coverage that can be purchased separately but should not be left off due to the coverage it affords. Extra Expense pays for the additional costs that are in excess of normal operating expenses that an organization incurs due to a covered loss, in order to continue the operations as if nothing happened. You may need to temporarily rent another building, temporarily rent equipment, rent trailers for offices, temporarily lay people off but instead of sending them to the unemployment line, you can continue their pay.

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