What is Commercial Property Insurance?
Commercial Property Insurance provides a wide range of coverage for the building your business owns or leases, the inventory, tools and equipment, furniture and fixtures, etc. Additionally, assets including accounts receivable, valuable records, media, and/or computers, and even lost income, can also be covered by this type of insurance.
What does Commercial Property Insurance typically cover?
Normally, the Commercial Property Insurance covers most property on or near the business premises that is used in the business operation, from the majority of risks like theft, fire, wind, vandalism, etc.
Coverage can include
- Buildings – the physical location (ownership) or the contents of the space (rental) is covered
- Personal Business Property including business equipment, inventory, furniture, computers, etc.
- Business Income like accounts receivable and lost income
- Digital Records to cover loss from power surges, virus attacks, data breaches, etc.
- And more…
How are Commercial Property Insurance rates calculated?
The cost of Commercial Property Insurance depends on the value of a building and its contents. Typically, businesses that have lots of assets and high exposure to risk have higher insurance rates. Below are a few major factors that can affect your Commercial Property Insurance rate:
- Building Construction and Materials
- Industry Special Equipment
- Risk Exposure
Talk to a licensed insurance agent on this before you buy a policy. We at Crennen & Company are happy to help you tailor your business insurance.