Commercial Property Insurance

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What is Commercial Property Insurance?

Sometimes, business owners will outright own their commercial building they conduct business out of.  Commercial Property Insurance protects the building your business owns or leases as well as your business personal property, including tools and equipment, inventory, etc.  A commercial property insurance policy includes coverage for assets like computers, accounts receivable, and lost income for when business operations are suspended due to a covered loss.  This type of policy is also very important when a loan is obtained for a piece of commercial property.  The entity issuing the loan needs to have that confirmation that the property is covered even after sustaining a covered loss.

What you need to know about Commercial Property Insurance

Per the Commercial Insurance guide located at insurance.ca.gov: “Building coverage includes buildings or structures and any completed additions, which are listed on the declarations page of commercial policy. Permanently installed fixtures, machinery, and equipment are also insured as a part of building coverage. The limit of insurance is the estimated amount needed to rebuild your building and to replace permanently installed fixtures, machinery, and equipment in the event of a total loss. You are required under the insurance policy to fully insure the value of your buildings. If a building is not insured to value, you can be subject to a monetary penalty at the time of a loss. This penalty is commonly referred to as “coinsurance.” It is important to read and understand the coinsurance clause of your commercial property policy and to discuss any questions with your broker-agent.” Mainline Insurance goes the extra mile in making sure you the business owner, understands exactly what you need to know.  Our goal is quite simple, identify any holes in your business coverage and offer solutions to those exposures.

Various other forms of Commercial Property

There are various coverage forms and endorsements in addition to the basic property coverages already discussed that can customize coverage in a commercial property insurance policy. The following are the most common coverage forms and endorsements used in commercial property insurance:

Builder’s Risk – Added to a policy for a one-year minimum term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs.

Legal Liability or Fire Legal Liability – Covers your legal liability for loss or damage to real and personal property of others as the result of your negligent acts and/or omissions. The loss or damage must be caused by a covered peril (including loss of use). The loss must be accidental and the coverage most often is purchased for tenants in commercial buildings.

Mainline Insurance knows the needs of the business owner inside and out.  Commercial property coverage is extremely important and can be complicated at times.  We can remove this headache from your daily stresses as a business owner.

 

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