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Commercial Property Insurance (also known as Business property insurance) protects against unforeseen events that could mean the difference
between a major financial loss or a disruption to normal operations.
Commercial Property Insurance helps protect:
Our agents work closely with business owners to understand the unique complexities and everyday challenges. You can be confident our agents and carrier partners have the expertise, and resources to keep your operations running smoothly and your business strong.
There are typically two types of coverage offered by insurance companies: replacement cost or actual cash value.
When an unexpected loss causes disruption or even temporarily shuts down your business, your ability to recover quickly is critical. Commercial property insurance can provide the support and financial assistance needed to get your business back up and running.
Commercial property coverage is available either as a standalone policy or bundled as a Business Owner’s Policy (BOP), which combines three essential coverages into one:
It is not required by law, however all businesses should consider a commercial property insurance policy if you own, rent or lease commercial property of any kind. Without it, the financial risk to your company could be severe due to out of pocket expenses for costs to fix or replace your damaged business property.
Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property. We know your time is valuable, so we make it quick and easy to get a certificate of insurance online.
Deductible amounts can vary by state and between insurers. They can range from a couple hundred to a few thousand dollars. You’ll choose a deductible amount when you get your commercial property insurance policy. Generally, if you pick a higher deductible, it’ll lower your commercial property insurance cost.
In many cases, business owners lease space to run their operations. If you fall into this category, check your lease to review your obligations in terms of insurance. In some cases, sole tenants will be responsible for insuring the building or must continue paying rent even if the space is destroyed. It’s a good idea to review the lease with your insurance agent to confirm that the insurance coverage you choose is sufficient and will protect you in the event of damage or loss of the property.
