Commercial Property Insurance
Commercial Property insurance should include a broad form of coverage to protect you from a variety of losses. The insurance policy should include, but may not be limited to the following:
- Building Coverage - should be required if you own the building your business occupies. In the event you lease premises, your landlord should provide this coverage.
- Business Personal Property includes all your furniture, equipment and machinery. You would also want to include the improvements or additions you might make to leased premises.
- Loss of Income
- Earthquake, Flood, etc.(if available)
A Commercial Property can be written on an All Risk basis therefore being structured to cover all of your equipment, including computer hardware and software, plus your valuable records. Some of these additional coverages to these specifics areas are typically known as electronic data processing equipment (EDP), extra or specialized scheduled equipment, and inland marine (IM) coverages.
The Commercial Property policy will also include loss of income that might result from breakdowns, as well as loss of income from other hazards that would temporarily close down your business for a period of time depending on the severity of the loss.
Special Note: This summary outlines in general terms the coverages afforded under some policies. Examine the policy carefully for any exclusions, limitations, or any other terms or conditions that may specifically affect coverage. The terms and conditions of the policy prevail.