Commercial Property Insurance covers your own real and personal property. Consider what it would cost to go out and replace all your business-owned property, this is the amount you want to insure for replacement cost coverage. Further break it down between real property such as your building contents whether that is stock, furnishings, computer, or equipment. Keep in mind, generally speaking, only contents located at your premises are covered under a property policy. If you have...Read more
Any business that owns business property such as a building, stock/inventory, equipment, office furniture, computers, and supplies needs this type of insurance. The owner of an IT office with several computers and office supplies can purchase the insurance to protect the office contents. Other small businesses like restaurants and retail stores can buy Commercial Property Insurance policies for protection against unavoidable perils.
⇒ Thieves break into the office premises and steal the laptops, other equipment, and high-end office furniture. Your commercial property insurance will cover the loss.
⇒ Old plumbing causes the pipes in your office to break. The moisture due to the outburst of water damages the electronics near the leakage. The broad or special form property insurance will reimburse you for the electronics and other office damage but not for the damaged plumbing since that would be considered a...Read more