Commercial Property Insurance

Commercial Property Insurance protects your company’s physical assets against loss incurred by damage to your building and it’s content by a covered cause.

Whether you own your own building, lease or work from home, commercial property insurance provides coverage for your business owned assets, including:

  • Building
  • Equipment
  • Furniture
  • Tools
  • Inventory
  • Personal Property

Coverage Considerations

When considering your Commercial Property Insurance Plan you may want to consider the following sub-categories:

  • Fire Insurance protects your business in the event of physical loss caused by fire damages.
  • Crime Insurance protects the small business owner against theft, robbery and burglary of cash, fixtures, and certain other assets.  Regardless if the crime was committed by a third party or an employee.
  • Fidelity Bonds. Fidelity bonds are another type of business insurance which provides coverage when a bonded employee steals money or business property.
  • Flood Insurance protects your business in the event of physical loss caused by flood damages.
  • Builders Risk Insurance policy covers losses which occur while your building is under construction, such as storm damage while your roof is being resurfaced.
  • Business Interruption Insurance covers items such as salaries, rent, and taxes should your business not be able to sustain it’s income as a result of property damage.
  • Debris Removal Insurance. In the event your building is affected by a flood, fire or other type of storm damage, your property insurance will pay for rebuilding your building, but you will need debris removal insurance to pay for the cost of removing debris from your property.
  • Glass Insurance protects you against broken store windows.
  • Boiler and Machinery Insurance, also referred to as equipment breakdown coverage, covers you in the event of an accidental breakdown of machinery and equipment. This coverage reimburses you for property damage and any losses caused by the interruption to your business.
  • Ordinance Insurance also referred to as law insurance, provides coverage for expenses relating to demolishing and rebuilding your building to code.  Although property insurance will cover your building’s replacement value, it won’t cover any upgrades required to meet current building codes. Depending on when your building was originally built, codes may be significantly different and more expensive to implement.
  • Tenants Insurance. Tenants insurance is another type of commercial property insurance which covers damages to the building due to employee negligence or when making improvements to your rental units.
  • Vacant Property Insurance. If you are a landlord you may need to get Vacant Property Insurance in the event that your property becomes unoccupied for 4 or more days.  Vacant property has an increased risk compared to commercial properties that are in use.  This is due to no one being present to dissuade vandals, or take note of potential infrastructure defects, including leaky sprinklers.  Vacant properties are at a higher risk for civil commotion damage, malicious mischief, and squatters.

Additional Resources

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Christine Lee

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