Commercial Property

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.

There are two main types of commercial properties:

  • Habitational – Apartment Buildings, Condominium Association Buildings.
  • Non-habitational – offices, stores, shops, warehouses, bakeries, restaurants, gas stations, dealerships, factories and etc.   

Commercial property policy by itself is mainly designed for Habitational type properties and those Non-habitational properties which are leased to others (you are just a landlord and not involved in business operations). If you are the owner of the building and you run the business – the proper coverage for you would be a Business Owners Policy (it is a package which includes the coverage for your building).  

Common Coverages:

Building. It is recommended to insure it for Replacement Cost Value. Our agents can help you to determine that amount. In some cases Actual Cash Value option is available, but that most likely will not be enough to rebuild your property if loss occurs. Make sure you are choosing the right option. We are here to answer all your questions.  

Business Personal Property covers property at a specified location, for example: furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location.

Business Income (Business Interruption) reimburses a business owner for lost profits and fixed expenses during the time that a business is closed due to a covered loss. It applies while the premises are being restored because of damage from an event, such as a fire.

As an independent agency, we can help you determine the type of insurance policy and range of coverage that is best for your business. For more information contact us at 708-433-7777!