One of the most common types of business insurance, commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses typically covered are fire, break-in, vandalism, windstorm and other natural or manmade disasters. Be sure to check your policy for your coverages.

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A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. 

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Things To Consider For Commercial Property Insurance

Building: Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. 

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Flood: Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. 

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Business Personal Property: Covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).

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Business Income (Business Interruption Coverage): This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster.

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Electronic Data Processing (EDP): This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.