Commercial Property Insurance is about more than just the building that houses your business. When discussing insurance, the term "Commercial Property" is not limited to real property (buildings) and may be used in referencing various types of property. Commercial Property Insurance may be written to cover Buildings, Business Personal Property of the Insured at a fixed location, Personal Property of the insured that is off-premises or in transit and Personal Property of Others in the care, custody or control of the insured.
The commercial insurance experts at Dean Insurance will sit down with you to go over exactly what your business does, what kind of facilities and equipment you have, and make recommendations for a comprehensive commercial property insurance policy that protects you, your business, and everything you own or rent as part of doing business.
Coverage for indirect loss, such as loss of income due to closing for repairs after a fire, may also be added to a Commercial Property Insurance Policy.
Basic commercial insurance coverage provided under the Building Coverage Form includes the structure itself, permanently installed fixtures and machinery and additions under construction as long as they are attached to the insured building.
The Business Personal Property Form typically provides coverage for items inside the insured building or within 100 feet of the insured building. This might include furniture & fixtures, electronics, machinery, stock (inventory) and miscellaneous personal items owned and used by the business. If you are leasing and do not require building coverage, Business Personal Property coverage may be purchased without Building Coverage but is generally written on a package with Commercial General Liability Insurance.
Certain types of property are not covered under a Commercial Property Insurance Policy. However in some instances this coverage may be purchased as an optional additional coverage. Property typically NOT covered includes money, securities, accounts, bills and deeds; animals except if owned by others and boarded by the insured (such as at a kennel) or if the animals are actual inventory (such as at a pet store.)
Due to the complex nature of Commercial Property Insurance Coverage, it is extremely important that you spend some time with your commercial insurance agent to ensure that all of your Commercial Property loss exposures are covered to your satisfaction.
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