What Does Commercial Property Insurance Cover?

Understanding your commercial property insurance can be tricky, and you may find yourself asking what does commercial property insurance really cover? Commercial property insurance can be modified to fit your needs, every policy is different. It’s important to know the basics of commercial property insurance, so you can determine what your needs are and what changes you need to make to give you peace of mind. 

What Is Protected

Commercial property insurance protects your place of business from many things. It provides protection from fire, flooding, water damage, theft, vandalism, to name a few. There’s always a risk for these kinds of property damage to occur, and without a comprehensive insurance policy, damage from fire or flood could completely derail your business. Protection from theft comes from many different sources today. It is no longer just a physical loss from outside sources or theft from an employee. Todays’ business owner is also exposed to theft from cyber sources. Does your policy protect from cyber losses?

Your commercial property insurance can also protect your business from occurrences such as equipment breakdowns (such as forklifts, freezers or computers).

Commercial property insurance policies can also cover business interruption losses. If you have to close down for several weeks or months due to damage from a fire or flood, business interruption insurance will cover the lost revenue so you don’t have to worry about covering those continuing expenses.

What Isn’t Protected

All insurance policies have limitations and exclusions. Some types of losses are not covered. The nature of how the loss or damage occurred may not be covered. You will often see that insurance policies have limitations, such as “cash up to $5,000”. This means that if you had $6,000 in cash that was destroyed, you would only receive $5,000 back as part of your insurance coverage. It’s important to know what your policy covers and what the limitations are, so you can protect yourself fully. 

Commercial property insurance can be easily modified to fit your business’ unique needs. Talk to one of our experienced commercial insurance brokers to start planning your specialized commercial insurance policy, today!

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