WHAT DOES COMMERCIAL PROPERTY INSURANCE COVER?
Commercial property insurance is designed to offer protection for the physical assets owned by a business. This insurance type generally covers the expenses associated with repairing or replacing property that has been damaged, destroyed, or lost due to covered perils.
Our services extend to Dallas, Plano, Irving, Collin, Denton, Ellis, Hunt, Kaufman, Rockwall counties, and beyond. For comprehensive coverage and peace of mind, consider commercial property insurance, and companies specializing in this type of insurance are included in our offerings.
The specific coverage provided by commercial property insurance can vary depending on the policy, but it generally includes the following:
- Property damage: This coverage typically applies to damage caused by fire, theft, vandalism, weather events (such as windstorms or hail), and other covered perils.
- Business interruption: This coverage may be included in some commercial property insurance policies and is designed to compensate a business for lost income and other expenses that result from damage or destruction of the insured property.
- Liability: This coverage can protect a business from lawsuits or legal claims that arise from injuries or property damage caused by the business or its employees.
- Equipment breakdown: This coverage can pay for the cost of repairing or replacing equipment that is damaged due to mechanical or electrical breakdown.
- Flood and earthquake: Some commercial property insurance policies may include coverage for damage caused by floods or earthquakes.
It’s important to note that commercial property insurance typically does not cover damage or losses caused by certain events, such as war, nuclear incidents, or intentional acts of damage or destruction. It’s also important to review the specific terms and conditions of a policy to fully understand what is and is not covered.
TYPES OF COMMERCIAL PROPERTY INSURANCE
There are several types of commercial property insurance policies, which can vary depending on the specific needs of the business. Here are some of the most common types of commercial property insurance:
- Building Insurance: This type of insurance covers the physical structure of the building itself, including any attached fixtures and fittings. It can protect against damage caused by events such as fires, storms, and vandalism.
- Business contents insurance: This type of insurance covers the contents of the building, such as equipment, inventory, and furniture. It can protect against damage caused by events such as theft, fire, and water damage.
- Business interruption insurance: This type of insurance can help cover the loss of income and other expenses that may arise if your business is unable to operate due to damage to the property.
- Liability insurance: This type of insurance covers the cost of legal fees and damages in the event that someone is injured on your property or if your business is found liable for damage to someone else’s property.
- Crime insurance: This type of insurance can protect against losses caused by theft, fraud, and other criminal activities.
- Flood insurance: This type of insurance can provide protection against damage caused by flooding, which is not typically covered under standard commercial property insurance policies.
It’s important to note that not all commercial property insurance policies are the same, and businesses should work with their insurance provider to determine which policies best suit their specific needs.
