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What is Commercial Property Insurance?

Commercial Property Insurance restores your building, contents, business income and rental income after unfortunate but oftentimes commonly experienced losses such as a fire, explosion, water damage from a burst pipe, damage from storms, theft, and vandalism.  Commercial property coverage helps business owners get back to normal operations by paying to repair and replace what was lost or damaged after these types of losses, and helps pay for the lost business income or rents that resulted after these events, if included in the policy.

For example, let’s say you own an accounting firm and your office is burglarized.  The thieves steal your computer, printer, and office furniture.  If you have commercial property insurance, your insurer will reimburse the cost of repairs or replacement, as well as the income you lost while your team couldn’t work because of the missing equipment, if this is included in your policy.

Who needs Commercial Property Insurance?

Commercial Property insurance can help your business if:

A fire damages or destroys your computers

Lightning strikes a building that has business renters’ insurance coverage

Someone breaks into your building and steal your inventory

Coverage can also include:

Equipment used in daily business operations

Tools being stored within the location of operations



Personal property, such as:

How much does Commercial Property Insurance cost?

Commercial Property Insurance costs are different for each business because every business is unique.  Factors that can determine these costs include, but are not limited to:

  • Location: If your business is located in a populated area that has higher risk for crime or vandalism, you may pay a higher rate.
  • Construction: Materials used in the construction of your business can impact your commercial property insurance cost. For example, buildings made from fire-resistant materials will typically cost less to insure.
  • Occupancy: Businesses with larger amounts of people consistently on the premises, like restaurants, will likely pay higher insurance costs.
  • Fire and threat protection: Installing safety features like smoke detectors and burglar alarms at your business may help lower your rate.
  • Location
  • Policy details, like coverage limits, deductibles, additional endorsements

How do you value Commercial Property for Insurance?

Insurance companies value commercial property in three ways:

  • Actual cash value: How much it’d cost to replace na item, minues its depreciation (meaning how old it is or its condition).
  • Replacement cost: How much it’d cost to replace an item with something similar or the same.
  • Fair market value: The cost of an item if it were to go on the market today.

What doesn’t Property Insurance for Commercial Buildings Cover?

Be aware that your commercial property insurance policy doesn’t cover every type of property damage: This coverage can’t help your business if:

  • Your customer drops their laptop when they trip over a box in your office
  • One of your employees puts a hole in your client’s wall
  • You get into an accident while making a delivery to a customer and damage your vehicle
  • You or your employees intentionally damage property

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