If you own commercial property that you rent out to other business owners or use for your own business, then you need commercial property insurance. Commercial property insurance is used to cover buildings, factories, etc. It is not to be confused with business personal property which is used to cover the contents of a business like electronics, stock and furniture.
Is commercial property insurance similar to other property insurance coverages?
Yes. Commercial property insurance has deductibles and limits just like any other type of property insurance coverage. In addition, your policy may have certain exclusions that you should pay close attention to. Reading your policy once you receive it will help you better understand what is and isn’t covered.
What does commercial property insurance cover?
Commercial property insurance covers the exterior and interior walls, roof and ceiling of your property. In addition, it covers additions, outbuildings, outdoor fixtures, and more. In some cases it covers machinery, appliances, and floor covering – generally, these items are only covered if they are a permanent part of the property.
Commercial property insurance does not cover the contents of any of your buildings or the vehicles around it. In addition, it does not cover any additions that are currently under construction. These can be covered by builders risk coverage.
Lastly, this insurance does not cover injuries and losses of others on the premises. Commercial property insurance is intended to cover losses that affect the building itself, not liabilities that occur inside or outside of it.
Are additional coverages obtainable?
Yes. You can also choose to have coverage added to your policy for the following:
Pollutant cleanup and removal: If pollutants are deposited on the land or in the water of your business due to an insurable event, this coverage may pay for their removal.
Debris removal: If an insurable event caused debris to be left on your commercial property, this additional coverage will pay for its removal, provided it exceeds the deductible.
Outdoor property: This covers outdoor items like fencing, plants, signage or satellite dishes that may be damaged during an insurable event.
Commercial property coverage is vital for any commercial property owner to carry. It helps protect the bulk of your investment from the losses that fires, storms, vandalism and other insurable events can create. It can also protect your savings from being accessed to pay for repairs that make your business property usable again.Call us at 866-538-2544 or get a free New Hampshire business insurance quote.