Property Insurance, is a must have for any and all businesses, because every business has
property that could become lost or damaged.
Commercial property insurance can cover a commercial building that you own and/or your business
personal property and inventory against physical loss or damage. Property coverage can be
structured several ways. In the most basic business insurance policies, Property coverage protects
your building (if you own) and contents, furniture, computers, office equipment and other materials
If in the case you don't own your building, you would still need contents coverage for your business
personal property. Most business personal property policies,usually provide insurance for business
contents i.e., furniture, office equipment, supplies, stock, fixtures, and other supplies stored at your
facility & some property off-premises. Property insurance can be bought based on the property's
actual cash value (ACV) - (its replacement cost minus depreciation), or replacement cost (RCV) its
current replacement cost a coinsurance provision generally applies.
There are separate coverage forms available:
Business interruption coverage can pay for your business' fixed costs, such as rent, payroll and
taxes, if your enterprise suffers a property loss that causes it to close or slow down for a period of
time while repairs are made.
Note: This summary outlines in general terms the coverages afforded under some policies. Always
review your policy carefully for any exclusions, limitations, or any other terms or conditions that may
specifically affect coverage. Always know what your coverage is written on also, whether it is Claims
Made Coverage or Occurrence Coverage.
property that could become lost or damaged.
Commercial property insurance can cover a commercial building that you own and/or your business
personal property and inventory against physical loss or damage. Property coverage can be
structured several ways. In the most basic business insurance policies, Property coverage protects
your building (if you own) and contents, furniture, computers, office equipment and other materials
If in the case you don't own your building, you would still need contents coverage for your business
personal property. Most business personal property policies,usually provide insurance for business
contents i.e., furniture, office equipment, supplies, stock, fixtures, and other supplies stored at your
facility & some property off-premises. Property insurance can be bought based on the property's
actual cash value (ACV) - (its replacement cost minus depreciation), or replacement cost (RCV) its
current replacement cost a coinsurance provision generally applies.
There are separate coverage forms available:
- Business income with or without extra expense
Business interruption coverage can pay for your business' fixed costs, such as rent, payroll and
taxes, if your enterprise suffers a property loss that causes it to close or slow down for a period of
time while repairs are made.
- Equipment breakdown, accounts receivable, crime, employee dishonesty, valuable papers
and many others. Consult your Broker for more information.
Note: This summary outlines in general terms the coverages afforded under some policies. Always
review your policy carefully for any exclusions, limitations, or any other terms or conditions that may
specifically affect coverage. Always know what your coverage is written on also, whether it is Claims
Made Coverage or Occurrence Coverage.
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