Commercial Property Insurance provided by Browne Insurance Services
The place you do business says a lot about your success. Maybe your wholesale company acquired a second warehouse. Or you might have added extra stations at your beauty salon. Whatever purpose your commercial property serves, you need to protect it from the unexpected. As a small business owner, too, we understand your challenges — and can help you understand your coverage options so you can select the coverage you want.
What is Commercial Property Insurance?
Commercial property insurance is something every company needs – whether you own your own building, lease or work from home. One of the core coverages in commercial property insurance protects your building and its contents, as well as exterior fixtures, such as a fence or outdoor sign.
Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.
What does Commercial Property Insurance cover?
Commercial Property Insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as “equipment breakdown” or “mechanical breakdown coverage,” provides coverage for the accidental breakdown of boilers, machinery, and equipment.
Debris Removal Insurance
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc..
Builder’s Risk Insurance
Builder’s risk insurance covers buildings while they are being constructed. For example, a Builder’s risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
Glass insurance covers broken store windows and plate glass windows.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people’s property on your premises. For example, this insurance would cover fire-damage to customers’ clothing from a fire at your dry cleaning business.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss..
Ordinance or Law Insurance
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). Property insurance covers only the replacement value, not the upgrade.
Commercial leases often require tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Crime insurance covers property crimes such as theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
A bond company covers losses due to a bonded employee’s theft of business property and money.
Importance of Commercial Property Insurance?
No matter what size your business is or the nature of the business, accidents and losses happen. A Business faces losses because of fires, thefts, storm damage, flooding, traumatic events, and even power outages.
Because we can’t predict when or if these things will ever happen on our property, it is important to always have the right protection with complete Commercial Property Insurance.
Contact us today to know more about Commercial Property Insurance and the various options you can have.