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Commercial property insurance coverage varies from policy to policy, but commercial property coverage is classified by the type of event leading to a loss and by what things are insured.
The most basic commercial property insurance covers any losses caused by fires or explosions, theft, vandalism and damage from vehicles or airplanes. Additional coverage (also known as endorsements) can provide additional protection for damage such as, broken glass caused by an earthquake.
The key items insured in commercial property insurance includes the following:
It is very important for you to take an inventory of your business before you apply for commercial property insurance. This helps you decide what property you want to insure and its overall replacement value.
The property you might want to insure can include:
Commercial property insurance plans pay for losses based on the replacement cost of each item or its actual cash value.
Generally, premiums for policies covering property insured on an ACV basis are lower because the limits include the depreciated value. This amount might not be enough if you elect to insure the property on a RC basis.
Commercial General Liability insurance (CGL) protects a business from any third party legal lawsuits that threaten the company with financial loss.
CGL insurance protects companies and small business owners from:
Premises or operations coverages protect businesses in the event of someone filing a claim due to an injury. This type of general liability insurance is only for third party claims. When an employee files an injury claim, it comes under worker’s compensation insurance and not CGL.
CGL insurance also covers businesses if individuals file a claim for any damages that take place off the premises. For example, general liability insurance will protect your assets if someone is injured while using a product with faulty part, made in your factory.
Excess liability and umbrella coverage provides small businesses an extra assurance of protection if they are sued on multiple fronts or need to pay any damages beyond the limitations of a standard CGL insurance policy.
CGL insurance also protects employees acting in an official capacity. It covers your corporation’s executive officers, stockholders and directors when they are acting on the behalf of your business. In joint ventures and partnerships, it covers the official actions of partners, members and their spouses.
Most importantly, CGL insurance allows a business to survive as an entity. Please note that some companies may present a higher hazard liability exposure that requires specialized underwriting.
Commercial property insurance protects your commercial property and its content from perils such as theft, fires and natural disasters. Commercial property insurance coverage can include building coverage, contents coverage, stock coverage, and equipment coverage. You can also pair commercial property coverage with business interruption coverage, to protect you from any financial losses that may stem from a shut down due to damages.
Commercial property insurance protects your business's physical assets, including its building, furniture, equipment and inventory from damages caused by:
For example, if your property is affected by a municipal gas leak, your commercial property insurance can help you cover the cost of repairs, making it easy for you to return to business.
Commercial property insurance may cover the damage to your property, but what if your business causes damage to your neighbor’s property?
If your company operations causes the damage, you can be liable for it. This is why it is vital for some businesses to get business liability insurance along with commercial property insurance.
Business liability insurance helps you address the responsibilities you have to the people who come in contact with your business and its operations. These people include:
The cost of your commercial property insurance policy will depend on the size and nature of your business. A small business can pay as low as $425 a year, while a mid-sized company can pay anything from $1800 to $10,000.
Your commercial property insurance premium depends on the following factors:
If you’re wondering why you may need commercial property insurance, here are the amazing benefits that come with it.