One of the most common types of business insurance is commercial property insurance, which provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, wind, and other natural or manmade disasters are examples of what is typically covered.
Having the right commercial property coverage could mean the difference between a minor disruption to operations and a major financial loss. A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent insurance agent, Joyce Insurance Group can help you determine the type of insurance policy and range of coverage that is best for your business.
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give us a call today, and we’ll help you determine if you have enough commercial property insurance for your business.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from the resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, contact our team to review your insurance policy — we’ll help you find the best solution.
Business Personal Property Coverage
Business personal property insurance covers property at a specified location such as furniture, fixtures, equipment, and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.
Electronic Data Processing (EDP) Insurance
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.