What is Commercial Property Insurance?
In a nutshell, it’s a type of insurance policy used to cover a commercial property, which spans a broad spectrum of business environments and situations.
Commercial property insurance protects a property in much the same way as domestic property insurance would, and financially protects against perils including fire, natural disaster, and theft, paying out for any losses or damages to the property.
Commercial property insurance is widely available and most commercial properties will carry it, including most manufacturers, restaurants, retailers, charities and non-profit organizations, and service-oriented businesses. In addition, these businesses are usually able to write off the cost of their commercial property premiums as expenses.
Additional Commercial Property Insurance Policies
There are many more additional coverage plans available to purchase for a business property, meaning owners can generally tailor these packages to suit their individual business needs. The most common are:
Boiler and Machinery Insurance
This type of insurance is also referred to as “equipment breakdown” or sometimes “mechanical breakdown coverage”. It provides cover in the event of an accidental breakdown of machinery, boilers, and equipment, and will pay for any repairs or replacements needed, as well as reimbursing for property damage; an example of this would be fire damage to computers.
Debris Removal Insurance
This covers the cost of clearing up debris from a property after a fire, tornado, or flood. For example, in the worst case scenario, a property has been burnt to the ground, leaving a pile of ash and debris which has to be cleared up before any more steps can be taken – this costs money. Property insurance will cover the cost of rebuilding, but debris removal is a whole other ball game.
Builder's Risk Insurance
This type of coverage will protect a property while it is being constructed, from things such as wind or storm damage. Partially-constructed buildings are particularly vulnerable to weather conditions so it is wise to take out a builder’s risk insurance policy.
Glass Insurance
This covers any broken windows or plate glass windows, shop displays etc.
Inland Marine Insurance
Inland marine insurance is used to cover property in transit and property on business premises that does not belong to the business owner; for instance, fire damage in a dry cleaning business.
Business Interruption Insurance
This type of insurance will cover any lost income a business faces when it is unable to operate due to property damage, or loss. For instance, a flood could halt a business for two months – business interruption insurance would pay for rent, taxes, salaries and net profits during that time.
Ordinance or Law Insurance
Ordinance or law insurance will cover demolition and rebuilding costs once a building has been partially destroyed. The general rule is, if more than 50 per cent of a business needs to be rebuilt, it should first be demolished and then rebuilt, staying true to current building codes. Standard commercial property insurance will only cover the cost of replacing the building, and does not cover upgrades.
Tenant's Insurance
Tenant’s insurance is common for commercial leases. Renter’s commercial policies usually cover any damages to improvements made to a rental space, along with any damages caused to the building from employee negligence.
Crime Insurance
This type of insurance will cover robbery of money, burglary, theft, stock, securities and fixtures from outsiders and business employees.
Fidelity Bonds
A bond company can cover any losses caused in the unlikely event of a bonded employee's theft of business money and/or property.
Commercial Insurance Questions?
We're happy to help you with all your insurance needs for both business and home. Should you have questions about the right Commercial Property Insurance for your business, please contact us.
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