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.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies
- Insuring Buildings
Do you own a commercial building? Are you responsible for your leased building in the event of a loss? If so, do you have enough commercial property insurance to cover replacement costs and not get hit with co-insurance penalties? Let The Clements Agency, LLC help you place the coverage you need to make sure your assets are protected.
- Flood/Earthquake Insurance
Most commercial property policies exclude flood and earthquake as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, contact us and we can help evaluate your current coverage.
- Business Personal Property Coverage
Business personal property insurance covers property at a specified location such as computers, 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