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Fire & Water - Cleanup & Restoration

Commercial Property Insurance Guide

5/4/2021 (Permalink)

a young man in suit in his office showing an insurance policy and pointing with a pen where the policyholder must to sign Commercial insurance is an essential tool for business owners who need to protect their investment and ensure their business.

Commercial property insurance covers many of the same causes of loss and types of property that residential property insurance covers. However, there are a few differences. This guide provides an overview of commercial insurance.

Causes of Loss

Commercial property insurance may be either an all-perils policy that covers any peril not specifically excluded or a named perils policy that only covers the particular perils named in the document. Typically, business property insurance protects against the same kinds of calamities and natural disasters listed in residential property insurance:

  • Fire
  • Water
  • Lightning
  • Wind
  • Theft

The policy may also be packaged with other policies that provide additional types of coverage such as business interruption or general liability. An insurance agent in Karns, TN, can help explain the explicit details of your specific policy.

Premiums
Premiums for commercial insurance are primarily based on the coverages provided and the value of the property protected. For some types of coverage such as fire damage, other factors may influence premiums. These considerations might include the kind of material used in the construction of the building, the distance of the building from the nearest fire department and whether combustible materials are stored in the facility.

Types of Property Insured
A commercial policy typically covers the building where your business is located, equipment such as computers, furniture and phone systems, records and documents, inventory kept on-site, manufacturing equipment, and signs, satellite dishes and exterior landscaping items such as fences and trees. In some cases, property belonging to other people, including customers, that is in your custody may be protected. Your policy may also provide compensation for restoration services, such as fire, water or storm cleanup.
Commercial insurance is an essential tool for business owners who need to protect their investment and ensure their business can continue operating after a fire, natural disaster or another event. Understanding how your coverage works helps you keep your business adequately safeguarded from unexpected disasters.

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