What is Commercial Property Insurance?

Commercial Insurance

When you buy a home, you need homeowner’s insurance to cover the asset against loss. When you own commercial property as part of a business, it requires coverage for similar concerns of physical loss. Of course, homeowner’s insurance is not applicable to a business property. It’s in scenarios such as these that you would consider purchasing an insurance policy.

Our policy varies slightly depending on the carrier you buy the policy from. In the most simple terms, business property insurance is a type of coverage that protects buildings and assets that belong to the company. If you run a retail business and own the premises where your store is located, you’d use commercial property insurance to protect that building against loss. Similarly, if you’re a doctor in private practice, you’d use this policy to cover your office contents, tenant improvements, and betterments.

You’d also use Commercial Property insurance for two types of coverage: real property and business personal property, which cover a property you’re renting or leasing for business purposes, or for certain work-at-home situations.

Commercial Property insurance examples:

Michelin-rated Manresa restaurant in Los Gatos suffered a sustained structural damage to its attic and ceiling, and a water and smoke damage throughout its interior of $300,000-400,000 caused by fire. The damage could take up to four to five months to repair.
A massive Apple data center in Mesa, Arizona was on fire. The fire was limited to the roof-mounted solar panels above the building, prompting 50 workers at the plant to evacuate. These panels were part of a deal Apple had with the local community to provide power to 14,000 local homes.
A fire damaged or destroyed about 50 boardwalk businesses in the adjoining neighborhoods of Seaside Heights and Seaside Park. A five-block area went up in flames, including many local businesses that had only recently recovered from hurricane Sandy.

Summarizing Commercial Property insurance

Whether you’re purchasing insurance for a new business or trying to lower your rates by improving your building with new safeguards, it’s important to understand all the variables discussed above.

Having quality, comprehensive protection for your building and all your property is essential if you are going to avoid costly downtown or expensive property replacements. From fires and burst pipes to high winds and hurricanes, your insurance policy will provide the protection you need to do business with peace of mind.

Source: usamutualins

Commercial Insurance.

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