State Insurance Solutions knows running a business gets complicated, especially when you’re starting out and handling it all alone. Let us make it easier by explaining one vital need whether you’re located in Arlington, TX or Kalamazoo, MI – commercial property insurance.
Commercial Property Insurance Explained
Commercial property policies cover the business – structure and/or its business property contents. You can add extras to your policy, referred to as "additional coverage," that cover specific items. A basic commercial property policy insures the building that houses your business if you own it. If you lease or rent it from another person or entity, the structural coverage occurs under their policy. If you rent your office space, you still need a policy to cover what the insurance industry refers to as business personal property (BPP).
What Commercial Property Insurance Covers
The structural aspects of these policies protect from damage or loss to the exterior, interior or whole of the structure. That means if a tornado blows through Arlington TX and tears off part of your building’s roof, your insurance policy covers the damage. Similarly, if a kitchen fire in your break room damages the countertops and built-in cabinets, this type of policy covers the damage. It also covers the central heat and air systems, boilers and furnaces. The BPP portion provides protection for carpets, office equipment, office furniture, refrigerators, and safety equipment such as fire extinguishers. It doesn’t cover your employees’ personal effects or items unless you add that extra to your policy.
Commercial Property Insurance Extras
It’s the little extras that make anything truly special. You can tweak your basic commercial property policy to make it unique to you and your business. You can include additional coverage to protect against:
- construction cost increases,
- electronic data and files,
- fire department service charges,
- pollutant cleanup costs,
- removal of debris.
For other items, include a "coverage extension" to the structural or BPP aspects. You can extend coverage to newly acquired equipment or furnishings, structures under construction, employees’ and visitors’ personal effects and personal property, property, including store stock, stored off site or outdoors, detached trailers not owned by your firm, valuable business documents, and records.
Visit State Insurance Solutions to learn more about the ins and outs of commercial property insurance. You can protect every aspect of your business. We can help.