The Difference
Robust, tailored risk assessments to meet your unique needs. We identify vulnerabilities and mitigate threats while ensuring seamless claims management, so you can focus on running your business with peace of mind, knowing that your assets are well-protected.
Key coverages to protect your business
- All-Risks
- Flood
- Supply Chain & Business Interruption
- Hurricane, Windstorm, Earthquake
- Cargo Stock Throughput
- Wildfire
Key Features of
Commercial Property Insurance:
Commercial property insurance coverage is a type of insurance designed to protect businesses against financial losses due to damage to their physical assets. This coverage is essential for safeguarding a business’s physical property and ensuring continuity of operations in the event of an unexpected disaster or accident. Here are the key aspects of commercial property insurance:
- Buildings: Covers the structure of the business premises, whether owned or leased.
- Contents: Includes business personal property such as furniture, equipment, inventory, and supplies.
- Real Property: This includes the physical building or structure.
- Personal Property: This covers movable items owned by the business, such as machinery, electronics, inventory, and office furnishings.
- Business Interruption: Provides coverage for loss of income if the business is unable to operate due to a covered event.
- Fire: Covers damage or destruction caused by fires.
- Theft: Protects against losses due to burglary or vandalism.
- Natural Disasters: May include coverage for certain natural events like storms, hail, and earthquakes, though some specific disasters may require additional policies or endorsements.
- Water Damage: Includes damage from burst pipes or leaks, but usually excludes flood damage unless specified in the policy.
- Equipment Breakdown: Covers the repair or replacement of machinery or equipment that suffers an electrical or mechanical failure.
- Debris Removal: Pays for the cost of removing debris after a covered loss.
- Ordinance or Law: Covers the additional cost of repairing or rebuilding to comply with current building codes or ordinances.
Common exclusions might include normal wear and tear, intentional damage, war, nuclear hazards, and certain types of natural disasters like floods or earthquakes unless additional coverage is purchased.
- Risk Mitigation: Helps mitigate the financial impact of unexpected events, allowing businesses to recover and continue operations more quickly.
- Asset Protection: Ensures that significant investments in physical assets are protected against potential losses.
- Compliance: Often required by lenders or landlords as a condition of a lease or loan.
Policies can be tailored to the specific needs of a business, with options to cover additional risks or increase limits for certain types of property or locations.
- Replacement Cost: Pays for the cost to replace damaged property with new property of similar kind and quality without deduction for depreciation.
- Actual Cash Value: Pays the cost to replace the property minus depreciation.
- Financial Stability: Ensures that businesses do not face significant financial hardships in the event of property damage.
- Business Continuity: Supports the ongoing operations of a business by covering losses that could disrupt normal activities.
- Customization: Offers flexibility to meet the diverse needs of different businesses, ensuring that specific risks and property types are adequately covered.