COMMERCIAL PROPERTY INSURANCE

Commercial property insurance is a special type of insurance that covers the company building as well as the contents owned by the company. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers.

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What Is Commercial Property Insurance?

Commercial property insurance is a key coverage for business owners, especially when running a home-based business. That’s because it provides more coverage than homeowners insurance. This type of commercial insurance helps protect your business and its physical assets. It can pay your repair or replacement costs if your business property gets damaged or destroyed from a fire, theft or other covered loss.

Also known as business property insurance or commercial real estate insurance, this coverage helps protect your:

Building
Equipment
Tools
Inventory
Furniture
Personal property

What Does Commercial Building Insurance Cover?

Commercial property insurance coverage can help your business if:

A fire damages or destroys your computers
Lightning strikes the building you rent
Someone breaks into your building and steals your inventory

It can also help protect important business assets, like your business income. If you can’t open because of a covered loss, it can help replace lost income for your company.

We understand every business has unique needs. That’s why we work with you to customize your commercial property insurance policy. You can add more protection for things like valuable papers and records, which can help cover the costs to:

Reproduce important documents
Provide temporary storage
Move records to avoid a loss

What Doesn’t Commercial Property Insurance Cover?

Be aware that your commercial property insurance policy doesn’t cover every type of property damage. This coverage won’t help if:

Your customer drops their laptop when they trip over a box in your office
One of your employees puts a hole in your client’s wall
You get into an accident while making a delivery to a customer and damage your vehicle
A nearby brook overflows after a heavy rainfall causes flooding near your building and damages your inventory
You or your employees intentionally damage property

You can get other types of commercial insurance to give your company more protection for claims like these.

Bundle Commercial Property Insurance With Essential Coverages Through a Business Owner’s Policy (BOP)

You can get commercial property coverage as a standalone policy. Many small businesses choose to get a Business Owner’s Policy (BOP). This combines three essential coverages into one:

Commercial property insurance, explained throughout this page.
General liability insurance, which helps protect your company from bodily injury and property damage claims made against your business.
Business income insurance to help replace lost income if you can’t open because of a covered loss.

You can get a commercial property insurance quote to find out how this coverage or a BOP can help your company.

Common Questions About Commercial Real Estate Insurance

Do I Need Commercial Property Insurance?

Although commercial property insurance isn’t required by law, it’s something you should consider. Without it, you’re responsible for paying the costs to fix or replace your damaged business property. This can be expensive and the out-of-pocket costs can put your company at financial risk.

What Is Evidence of Commercial Property Insurance?

Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property. We know your time is valuable, so we made it quick and easy to get a COI online.

What Are the Different Types of Commercial Insurance?

There are many different types of commercial insurance. Each coverage can help protect your company from various claims. Other types of commercial insurance include:

What Is the Standard Deductible in a Commercial Property Insurance Policy?

Deductible amounts can vary between each insurance company. They can range from a couple hundred to a few thousand dollars. If you’re not sure how much your commercial property insurance deductible is, you can check your policy.

You’ll choose a deductible when you get your commercial property insurance policy. Generally, if you pick a higher deducible, it can lower your premium.