Commercial Property Insurance
One of the most common types of business insurance, commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent agent, Northwest Insurance Brokers can help you determine the type of insurance policy and range of coverage that is best for your business.
What you need to know about commercial property insurance
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? When valuating the replacement cost of your building it’s important to understand replacement cost is different than market value. Very often, the replacement of your building cost much more than what you can sell the property for. Contact us for a full review to make sure your building is insured correctly.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered.
BUSINESS PERSONAL PROPERTY
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
BUSINESS INCOME (BUSINESS INTERRUPTION COVERAGE)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster.