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Fire & Water - Cleanup & Restoration

What Does Commercial Property insurance Cover?

11/16/2020 (Permalink)

Building with smoke damage Commercial fire damage

As a business owner, you want to be sure your business in Lafayette, LA, is adequately protected -- but navigating the world of commercial insurance options can be overwhelming. Commercial property insurance is one of the main coverage types that most businesses need.

What’s Covered?

Commercial property insurance policies cover damage to your business’s physical property caused by fire or other disasters. For example, if a fire broke out at your business, commercial property insurance would cover the costs of building repairs and fire damage restoration. You need this type of insurance if you own or rent a building for your business, including home-based businesses.
In addition to buildings, commercial property policies usually cover other physical assets, such as:

  • Tools and equipment
  • Parking and/or storage facilities
  • Signs and fences
  • Inventory
  • Furniture
  • Valuable documents and records
  • Leased items, such as furniture, copiers, or phone systems

What’s Not Covered?
Commercial property insurance is one of the three major types of commercial insurance that most businesses need. It’s frequently bundled with commercial liability insurance, which covers damage to someone else’s property that is caused by you or by someone working for you, and business interruption insurance, which covers lost income and expenses while your business is closed for repairs due to a covered peril. Anything that would typically be covered under one of these other types of insurance is generally excluded from coverage under a commercial property policy.
Commercial property policies also frequently contain exclusions for:

  • Damage due to certain perils, such as floods
  • Intentional damage
  • Damage which occurred while the property was controlled by a tenant
  • Damage at other business locations
  • Anything involving company vehicles

All insurance policies are different, so it’s important to review your commercial insurance policy documents carefully and to contact your agent with any questions about coverage. Commercial property insurance is an important part of the overall coverage you need to fully protect your business.

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