Commercial property insurance protects assets that are essential to your business, and carriers will customize policies to meet your unique needs.
What is Commercial Property insurance?
Commercial property insurance protects a businesses assets from threats of fire, theft, weather events, or simple accidents. It can reimburse you for lost or damaged equipment, inventory, and other property, should be part of any business’s risk management strategy, regardless of industry.
What does Commercial Property Insurance Cover?
You can customize commercial property insurance coverage to protect almost every physical asset that your business owns. Policies usually include coverage for some combination of:
Equipment, such as computers, tools, and special machinery
Furnishing and fixtures, including desks, chairs, appliances, and supplies
Inventory that your business sells, including food and perishable items
Physical office space
You may still need to purchase commercial property insurance if your business operates out of your residence since homeowner’s insurance policies don’t usually cover lost or damaged business equipment. Carriers bundle commercial property insurance and general liability insurance as a business owner’s policy (BOP) for some small businesses, which usually costs less than buying both coverages separately
Rental Property Vs Owner-Occupied
Commercial property insurance for property renters: If you rent commercial office space, you can purchase a policy that covers only owned items in the space. You may also need to insure equipment that you lease, depending on your arrangement with the owner.
Commercial property insurance for property owners: If you own your business space, you can purchase a policy that covers the actual building and all contents, including mechanical and electrical systems.