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Commercial Property Insurance

Commercial property insurance protects the property your clients rely on to conduct business. If your client loses their property to a covered event, Commercial property coverage pays the repair or replacement costs up to the policy’s stated limits.
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What Is Commercial Poperty Insurance?

Commercial property insurance helps your clients recover when certain disasters jeopardize their business assets and real estate. Covered events might include fire, windstorms, theft or vandalism. Your client can use the payout from their Commercial property policy to repair or replace items such as:

  • Office buildings
  • Computers
  • Furniture
  • Inventory
  • Equipment

Many commercial insurance policies also include business interruption insurance. This policy covers up to 12 months of lost income when certain events force your client to put their business operations on hold. For example, if a fire destroys your client’s workplace, business interruption insurance can pay for the ongoing costs of keeping your client’s business afloat when it can’t generate revenue.

What Does Commercial Property Insurance Cover?

Commercial property policies can cover:

  • Buildings – The physical location of your client’s business is covered. If your client owns the space, they can select a policy that covers the building in its entirety. If your client rents, they might look for a policy that only covers the contents of the space.

  • Personal business property – This coverage provides protection for the furniture, inventory, supplies, and equipment owned by your client’s business. Sometimes the property is covered even when it is somewhere other than your client’s primary place of business. For example, if your client takes a laptop to an offsite meeting and damages it, commercial property Insurance can pay to repair or replace it. Some policies limit coverage during certain events, such as a major workforce reduction, a merger or an acquisition. They typically don’t cover intentional or criminal acts, either.

Cutting Down Commercial Property Insurance Costs

Commercial property insurance is a major expense for any business owner, especially if they have lots of costly equipment. Luckily, there are options available to keep your client’s costs manageable.

The first option is a business owner’s policy, or BOP. Created for low-risk, small businesses, BOPs bundle Commercial Property and General Liability Insurance into one package at a reduced rate.

 You can also suggest that your client chooses the appropriate kind of coverage:

  • Open perils coverage – These policies provide coverage for any incident unless it is specifically excluded in the policy. Typically, perils like fire, wind, smoke, theft and vandalism are covered. This coverage protects small businesses from the majority of risks they are most likely to face.

  • Named perils coverage – These policies cover only the incidents listed in the policy. Your clients may want to purchase this type of coverage when their business is in a high-risk area for a specific peril, such as a flood or an earthquake. Named perils coverage is usually less expensive because it covers only the specific events listed in the policy.

Finally, your client can choose to insure their business assets at their replacement value or their actual-cash value. Replacement-value coverage might cost more, but it covers the cost of purchasing brand new replacement items. Actual-cash-value coverage means your client will only receive a payout equivalent to the depreciated value of the item.


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