Commercial property insurance protects your business property and its physical assets and or contents. This type of insurance focuses on protecting the "property" component of your business, some examples of what commercial property insurance covers can be the building where your business is located, the equipment your business owns, and the inventory your business sells. Sometimes a "BOP" which stands for Business Owners Policy may be available. Business Owner Policy coverage includes your business property and its liability coverage. We will discuss the liability component more in detail under the general liability tab in this website.

There are several types of property insurance coverage available. The most common are named peril coverage, comprehensive coverage and windstorm coverage. It is important to be familiar with the different types of insurance coverages available to ensure that you, as a business owner, are adequately protected. As a business owner these different types of coverages can protect you in the case of such perils such as fire, windstorm, falling objects, water escape, burglary and theft.

Knowing the difference between Replacement Cost and Actual Cash Value is extremely important as well. In the event of a covered loss an actual cash value policy will cover your property and contents after deducting for depreciation. For example, if you paid $ 3,000 to purchase a printer five years ago and you have an Actual Cash Value policy you will only be paid the current value of the printer after the five years of depreciation have been taken into account, resulting in perhaps a $500 payment for your loss of the printer. On the other hand under a policy with replacement cost coverage the monetary amount that will be paid out to you to replace the printer will be the $3,000 you paid to purchase the item; no deduction for depreciation will be taken into account.

Depending on the nature of your business and what coverages you are seeking a commercial insurance program can be tailored to your own individual needs and budget, call us today to get started.

Please note that the information on this site is intended for general information purposes only. In no way does the information on this site specifically refer to coverages reflected on your current and/or future insurance policy; please make certain to review your current policy in detail.