Commercial property
Commercial property insurance covers the building you own or the space you lease, along with the equipment, furniture, inventory and improvements inside it. It pays to repair or replace them after a covered loss such as fire, theft or storm damage.
Anyone whose business would stop if the premises or its contents were damaged.
What it covers
Summaries only. The policy wording governs, and every insurance company's policy is different.
The structure, permanently installed fixtures and attached equipment, if you own it.
What to watchInsure it for the full cost to rebuild. If the limit is too low, the insurer can reduce what it pays on every claim, not just a total loss.
Furniture, equipment, inventory and supplies inside the premises.
What to watchThings that leave the building, such as cameras on a shoot, usually need their own coverage.
Build-outs you paid for in a space you rent.
What to watchYour lease decides who insures what. Send it to us.
The income you lose, and the extra cost of operating somewhere else, while covered damage is repaired.
What to watchOnly after covered physical damage. A power or internet outage usually has to be added separately.
Mechanical or electrical failure of heating and cooling systems, servers and other equipment, which standard policies exclude.
What to watchOften a modest add-on with real value for anyone running servers or edit suites.
Either a short list of named causes, or everything except a list of exclusions. We recommend the second.
What to watchFlood and earthquake are excluded on both. They are separate policies.
How we work
We are appointed with national and specialty companies, so your policy goes where it fits rather than where we happen to have a contract. See who we work with.
Send your current policy and we compare it with what we would offer: what we would keep, what we would change, and why, in writing.
No coverage starts and no policy changes until a licensed agent confirms it with you in writing. You always know what you have. How we work, in full.
Exclusions
The number that matters most is the limit. We start with an estimate of what it would cost to rebuild and replace, not the number the last policy used.
How to get it
Replacement cost pays to replace with new. Actual cash value deducts for age and wear, which on five-year-old equipment can be most of the value. We recommend replacement cost almost everywhere.
A rule that you must insure the property for at least a set percentage of its full value, usually 80 to 100 percent. If your limit is below that, the insurer reduces every claim payment in proportion, even for a small loss.
Usually only up to a small limit for property away from the premises. Equipment that travels belongs on its own policy for portable equipment.
Not automatically. It is one of the most useful coverages and one of the most often skipped. Ask for it with a realistic estimate of how long repairs would take.
If you own anything in the space, yes. Your landlord's policy usually covers the building, not your contents or the improvements you paid for.
Related
Bundles general liability, property insurance and lost income coverage into one policy for small and mid-size businesses.
Business owner's policyCovers injuries and property damage your business causes to others, and satisfies the proof of insurance landlords and clients ask for.
General liabilityCovers the cost of a breach, ransomware, payment fraud and the claims that follow a data incident.
Cyber insuranceThe online application takes a few minutes for standard business lines. If there is a wrinkle, call or email and we will tell you what we need.
