Commercial property insurance helps cover direct physical loss of or damage to property due to a covered cause of loss. This includes buildings, furniture, signage, inventory, equipment, or other property within or directly around the described premises. It may also cover repairs, and replacement of damaged, or stolen property. There are three main coverage options:
Commercial property insurance is just one facet of a comprehensive business insurance plan. While it can be purchased on its own, most often this type of coverage is “bundled” into a broader program, including general liability or a business owners policy coverage for any bodily injury or damage to the property of others. More complex than personal property insurance (i.e. home insurance), commercial property insurance comes with some significant variables — policy limits, named and excluded perils, and more; each of these variables should be examined and evaluated by a local professional to insure you have the right coverage.
Every business that has a physical location should carry commercial property insurance. This includes home-based businesses, since an unendorsed homeowners’ insurance policy isn’t intended to cover business property. Commercial property business insurance covers property that a homeowners’ insurance policy may not. For example, most homeowner’s policy language may not cover a detached structure used for business use, or even business storage. So, it’s important for business owners to protect themselves with a commercial property policy in this case.
Commercial property insurance can cover the following:
Commercial property insurance can cover the following:
The cost of commercial property insurance will vary due to factors like property value, location, number of properties, industry, and risks. The insurance broker will also take into account the status of the physical property and consider factors like age, when a structure was last updated or renovated, the materials it’s made of, etc. Compared to other insurance coverages, property insurance is reasonably affordable. Depending on what property is covered, the premium can be a small percentage of the value of the property it’s covering.
Insurance companies will conduct a valuation – the determined payout amount on a covered property, the actual cash value, replacement cost, and the agreed value. It’s important for the insured to review and understand these numbers, since they represent what the insurance company will pay in the event of a covered lost. The insurance agent should negotiate the best terms for the client with underwriters.
As a small, local business, we value our customers and take the time to learn about their risks and what insurance options are best for them. We do the work and regularly follow up to make sure our customers continue to get the best rates for the right coverage.
As an agency, we have access to many specialty programs, such as residential home builders. In fact, we’re one of the two agencies that has access to the Central Homebuilder’s program in Massachusetts. In this program, we offer a unique builder’s risk coverage that can cover the labor and materials in new spec or custom home construction project. As long as the policy is effective, or if it renews, it can continue the coverage on the property until it’s sold. For example, if a company is building a spec home for a new residential community, that home will be covered while vacant and on the real estate market. There’s no need to apply for another insurance policy to cover the vacant home— C&S has got you covered.
We provide complete coverage for your commercial property insurance needs so you can keep your mind on your business knowing you’re covered. You can speak with an agent about your coverage at any of the following locations:
Commercial property insurance helps cover physical damages or loss of physical property, including includes building structures, furniture, signage, inventory, equipment, and other property.
The cost of commercial property insurance will vary due to factors like property value, location, number of properties, industry, and risks.
It’s important to insure your property to its full value. Depending on the insurance policy, partially insured property may not be covered in a loss.
The deductible amount depends on the policy. It also depends how property is insured.
