Your company’s office is integral to the success of your business!

A commercial property policy is purchased to cover damages to a contractor’s own building(s), office contents, and most other personal property that it owns. A commercial property policy can also cover loss of income or increase in expenses that result from insured damages.

You might think that you only need property insurance if you already own the building, but regardless if you lease or rent a space you need business property insurance to cover what’s inside the building. Property insurance also covers damages to any upgrades or improvements that you made in your workspace, such as custom desks or lighting.

Commercial property insurance can cost as little as $20 monthly depending on your individual situation and setup such as the type of work you do, amount of employees, the state you work in, claims history, how high your coverage limits are and your work experience. 

Before getting a quote it is helpful to know how much your property is worth and the value of your inventory and equipment. This information helps your broker figure out what the replacement costs will be and adjust your coverage so you don’t overspend on insurance.

Property Insurance Coverages

• The building that houses your business, whether owned or rented.
• All office equipment, whether items are owned or leased.
• Fundamental company documents.
• Inventory kept in the premises.
• Fence and landscaping.
• Signs and satellite dishes.
• Business Income Coverage.
• Employee Dishonesty.
• Crime.
• Equipment Breakdown.

What does a Commercial Property Insurance Policy cover?

• Buildings and structures identified in the declarations.
  • Completed additions.
  • Fixtures (indoors and outdoors).
  • Permanently installed machinery and equipment.
  • Owned personal property used to service and maintain the building and premises.
  • Additions under construction, alterations, and repairs to the building or structure, if not covered by other insurance.
  • Materials, equipment, supplies, and temporary structures within 100 feet of the premises that are used in making the additions, alterations, or repairs.

• Business personal property located on or in the premises or in the open or a vehicle within 100 feet of the described premises, as follows:
  • Furniture and fixtures.
  • Machinery and equipment.
  • Stock.
  • All other personal property owned by the insured and used in the business.
  • Labor, materials, or services furnished or arranged by the insured on personal property of others.
  • Improvements and betterments made by the insured as a tenant.
  • Leased personal property the insured is contractually obligated to insure.

What has Limited or no Coverage?

• Detached signs, antennas, fences, and other outdoor property.
• Trees, shrubs, and plants.
• Animals.
• Fragile articles, such as statuary, porcelains, and china.
• Jewelry, watches, precious stones, precious metals, and furs.

Optional Coverages:

• Personal property of others.
• Commercial crime policies are designed to insure against certain types of losses that are not covered by a standard commercial property policy. They can provide any of the following coverages:
  • Employee dishonesty coverage.
  • Forgery or alteration coverage.
  • Money and securities coverage.
  • Money orders and counterfeit paper currency coverage.
  • Coverage on property other than money and securities.
  • Computer fraud coverage.
  • Kidnap, ransom, or extortion coverage.

• Equipment breakdown policies are designed to insure against loss due to the breakdown of equipment.
  • Heating, boilers, air conditioning systems, refrigeration, and other non-mobile equipment.
  • Electronic data.