Commercial property insurance policies need to provide sufficient coverage for:

  • The Building
  • All On-Site Vehicles
  • Mobile equipment
  • All On-Site Tools & Equipment
  • Inventory Stored On Or Within The Property
  • Furniture
  • Personal Property

Best Coverage For Any Business.

Commercial property insurance is an absolutely critical component for protecting the major investment in your commercial property. These policies need to protect both the owner of the commercial property as well as a tenant who rents space on the property.

Damage from fire

Theft & criminal activity

Vandalism and malicious mischief

Loss of rent from a covered loss

Machinery & equipment breakdowns

Commercial building insurance also helps to protect important business assets, like income, because it includes business interruption coverage. If you can’t open a business outlet or operate the building because of covered property damage, this coverage can help replace the lost income.

Business Property Insurance

Business property insurance helps protect tangible business property, that you might own or rent. It is often a critical component required by most financial underwriters before granting a substantial loan for equipment, repairs, remodeling, or expansion. This type of policy provides an additional layer of protection in case anything is stolen, damaged, or destroyed. In this way, business property insurance can help cover the costs to repair or replace the affected items.

This might include things like an employee who accidentally damages the property or a staff member who accidentally damages inventory or equipment that is stored on the property.

Commercial Real Estate Insurance

Often known as Lessors Risk, commercial real estate insurance helps provide layers of coverage pertaining to the property’s physical assets from fire, explosions, burst pipes, storms, theft, and vandalism. It is especially important if your area is threatened by natural disasters like earthquakes, wildfires, and floods which typically aren’t covered by general commercial property insurance.

Business Owner’s Policy

Also known as BOP a “Business Owners Policy” it is designed to help small businesses get the coverage they need at an affordable rate. The coverage can be customized to fit the specifics of your commercial property or business, without a lot of the excess coverage that larger commercial properties typically need to have.

General Liability Insurance

General liability insurance is designed to help cover claims that your business caused bodily injury or property damage to someone else. For many commercial properties, it helps cover a lot of the potential cracks that can occur when the unforeseen happens.

Business Income Insurance

Also known as “Business Interruption Insurance,” business income insurance helps to replace your lost income if you can’t open because of covered property damage.

Commercial Auto Insurance

Commercial auto insurance is a special type of policy that applies to automobiles and vehicles that are owned by or used in your business. It is designed to protect your business against liability for damages caused by accidents involving your business autos and provides certain compensation to occupants of your business autos injured in accidents.

Commercial Flood Insurance

Commercial properties that are located in known flood zones are often required by the underwriters or the local municipality to cover some level of flood insurance. While this is stipulated in advance, the amount required is often minimal and may not be sufficient in the case of a severe flood.

It’s also worth bearing in mind that a lot of standard commercial real estate insurance policies don’t include flood insurance in the bundle if the property in question isn’t located in a known or designated flood zone. Should severe weather cause flooding on one of these properties, you could be left with a lot of out-of-pocket expenses to shoulder. This alone can make carrying some level of commercial flood insurance a good idea.

Workers’ Compensation Insurance

Sometimes referred to as “Workers Comp” it is designed to cover any occupational sickness or accident that employees might experience during the course of employment. It helps to cover things like medical expenses and loss of wages. Employers are often required to carry Workers’ Comp by the Labour Law/Workmen’s Compensation Ordinance.

Benefits Of A Consultant

Ways To Reduce Your Commercial Property’s Risk Exposure

The old saying that it’s hard to see the forest through the trees also applies when it comes to reducing a commercial property’s risk exposure. When you have an expert consultant like Healy Brokerage on your side, you get the benefit of key insights on doing things like:

  • Creating a safer work environment
  • Methods to help reduce loss
  • Strategies to improve operations

Frequently Asked Questions

Who Needs Commercial Property Insurance?

Commercial property insurance isn’t just for a commercial property owner and building managers. It can be beneficial for tenants who rent or lease a commercial property of any kind.

In some states, it might not be required by law, but it is still a good idea. In other states, certain types of coverage are required for specific types of properties and businesses. Understanding your coverage requirements and needs takes an experienced eye, which is what you get with Healy Brokerage on your side.

What Is Evidence of Commercial Property Insurance?

Some states and municipalities require commercial property insurance by law. This means being able to provide “Evidence of Commercial Property Insurance” in the form of a COI certificate. Keeping this certificate on hand or making sure it is available to your property manager will go a long way toward proving compliance should your building be inspected.