Commercial Property Insurance / Business Owners Package Policy
Commercial Property Insurance covers your building and business personal property for a wide range of perils including fire, windstorm, hail, vandalism. Additional perils including theft may also be included on the Special form. As an independent insurance agency, we can shop the insurance marketplace to select the insurance company and amounts and types of insurance that is best for your business.
A Commercial Property policy can include coverage for your building or just the contents of your building or both. Business income and rental value may also be included. We recommend that you secure an appraisal from a qualified real estate appraiser to determine the current replacement cost of your building. If you do not have a recent appraisal, you will have to utilize cost estimators.
Package discounts are afforded by combining Commercial Property and General Liability in a single Commercial Package or Business Owners Package policy. Generally, Business Owners Package policies are only offered to industries that have a lower liability exposure. When you can purchase a Business Owners Package policy for your business, it is cost beneficial to do so and the coverage is broader.
Common misconceptions and pitfalls with Commercial Property Insurance:
- The amount you paid for the building or tax value does not equal replacement of insurance value
- The basic Commercial Property policy does not include flood insurance. Most of the time you will have to buy a separate flood policy.
- Property which goes off premises needs to be covered by a separate Inland Marine or Equipment policy
- Do not assume that property of others which is in your care, custody and control is automatically included.
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