The Commercial Property Insurance policy was designed as a monoline (stand alone) policy to accommodate commercial property owners that need to insure their building and contents. The policy will pay to repair damages to the building and its contents or completely replace them if adjusted as a total loss. The policy does offer additional coverage that is typically required by the property owner.
Building coverage is provided on a replacement cost or actual cash value basis. When the insured selects replacement cost coverage they are assured of receiving the funds needed to replace the building in a new condition less any selected deductible. Selecting the actual cash value insures the building for the depreciated cost of repairing or replacing it.
Business Personal Property (contents)
This coverage provides protection if any of the contents, which includes furniture, office equipment, equipment, and inventory is damaged or destroyed due to a covered peril. The business personal property can also be insured on a replacement cost or actual cash value basis.
Business Interruption Coverage
Typically, most policies will include or allow the endorsement of this valuable coverage to your policy. This coverage will pay to reimburse the property owner that must relocate temporarily while the property is under repair as a result of damage caused by a covered peril. The insurer will typically pay the reimbursement on a monthly basis until the building is suitable to be occupied and the business can assume normal operations.
Like many other insurance policies, the commercial property insurance policy can be endorsed to allow for additional exposures.
- Data Protection – Many insurers will allow Data Protection to be added to the policy. This coverage will pay for damages in the event of a data loss resulting from a computer breach or virus.
- Computer Protection – This provides an additional layer of protection specific to computers and viruses that may cause damage.
- Intangible Coverage – Reimburses the business owner in the event of a financial loss due to copyright and trademark infringement.
- Off Premise Coverage – This additional coverage can be added to provide protection for business assets that are located at off premise locations such as trade shows or exhibits.
Coverage Needed but Not Found in Real Estate/Commercial Property Policies
- Ordinance or Law - Surprising to most, even when building upgrades are required as a result of code changes, they're normally not covered.
- Hired and Non-Owned Auto - You and your employees may be liable for property damage and bodily injury if involved in an at-fault accident while traveling for work related purposes.
- Worker's Compensation - If you employ a building superintendent, janitor, or any other employee either full-time or part-time, you will be responsible for work-related injuries or illnesses unless they are covered by a workers' compensation policy.
These gaps in your normal insurance coverage are precisely why we personalize and customize your policy to meet your needs. By partnering with you and understanding every aspect of your property, we are able to determine the appropriate types of coverage to help you manage your everyday risks. Our intention is to make certain you are properly covered and often save you money in the process.