Commercial Property
What is Commercial Property Insurance?
Your livelihood is dependent on the survival of your business, so it is imperative that you protect it against any potential threat—big or small. For instance, a fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage.
If self-insuring is not an option to combat these risks of loss, it is wise to obtain property insurance. This coverage comes in many forms to suit your specific needs. Before purchasing coverage, take a complete inventory of all your business property to determine how much you need to insure. This important step ensures you will have adequate coverage to continue your business in the event of a covered loss.
Types of Property You May Need to Insure
- Buildings and other structures (leased or owned)
- Money and securities
- Machinery/boiler
- Mobile property (construction equipment, etc.)
- Satellite dishes
- Business contingency for suppliers
- Furniture, equipment and supplies
- Records of accounts receivable
- Electronic data processing equipment (computers, etc.)
- Property in transit
- Signs, fences and other outdoor property not directly attached to the building
- Ordinary payroll
- Inventory
- Leasehold improvements and betterments you made to the rented premise
- Valued documents, books and papers
- Cargo
- Intangible property (goodwill, trademarks, etc.)
- Extra expenses as a result of loss
