Types of Commercial Property Insurance

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What Types of Commercial Property Insurance Coverage Does Your Small Business Need?

Types of Commercial Property InsuranceCommercial property insurance, also known as business property insurance, can help protect your owned or rented building, plus the physical assets, like tools and equipment, that you use to operate your business. This type of business insurance can help protect against losses caused by fire, burglary, theft, wind or lightning.
We know that small businesses face unique challenges every day. With a commercial property insurance policy from The Hartford, you’ll be protected from unexpected events that can result in costly claims. We’ve helped over 1.5 million small business owners find the protection they need to keep their businesses running smoothly. Our specialists make it easy for you to find the right amount of coverage customized to your business. Get a free quote for commercial property insurance today.

What Are the Different Types of Commercial Property Insurance?

Typically, a standard commercial property insurance policy will protect against damage to your owned or rented business property and the equipment, furniture and tools inside. To make sure your business property is fully protected, there are several additional types of commercial property insurance available, including:
A mixed-use property is a building that is used for two or more purposes, such as residential, commercial and/or industrial reasons. If you own a property that has a business, such as a store or restaurant, that also has residential rental units, you’ll need mixed-use property insurance coverage.
Commercial fire insurance is a type of coverage included in a commercial property insurance policy. This coverage protects your business property and equipment if it’s damaged or destroyed by fire damage. It can also help cover the costs to repair or replace the damaged property and helps replace lost income if your business needs to temporarily shut down. In addition, commercial fire insurance can help pay for liability lawsuits that might come up because of a fire at your business’s owned or rented property.
Ordinance or law insurance coverage helps bring your commercial building up to code after a covered loss damages or destroys your property. This coverage will help financially protect your business against the costs associated with restoration or repairs to your commercial building. Without this type of coverage, these costs would have to be paid for out of pocket.
Commercial flood insurance is not typically included in a commercial property insurance policy and you may have to get it as a separate policy. If your business operates in an area that is prone to flooding, this coverage is essential to have. We provide commercial flood insurance through the federal government’s National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA).
Glass insurance covers the costs of replacing your store windows and plate glass windows if they are damaged or destroyed by a covered loss. This insurance coverage is typically included in a commercial property insurance policy.
Commercial casualty insurance is the liability side of commercial insurance. It helps financially protect your business from legal claims resulting from an accident that might have occurred on your business’ property or because of your business operations – even if you’re not at fault.

Related Coverages To Protect Your Commercial Property

Business Owner’s Policy (BOP)

Un business owner’s policy (BOP) is a great option to bundle with your commercial property insurance because it combines three essential types of liability coverage: commercial property insurance, general liability insurance and business income insurance. BOP insurance protects businesses from claims such as fire, theft, bodily injury or business property damage. The business owner’s policy also can protect your business against claims that are related to your business operations. A BOP is fully customizable with optional coverages that can be added on for even more protection.

Business Interruption Insurance

Business interruption insurance, sometimes called business income insurance, can help replace lost income if you must close your business temporarily due to a covered loss, like property damage. For example, if a fire breaks out at your bakery business and you need to shut down to make repairs to your kitchen, this coverage can help cover the costs of your lost income while they restore your property. This type of insurance also helps cover a civil authority, like a government-mandated road closure that forces you to temporarily close your business.

Seguro comercial para automóviles

Commercial auto insurance helps protect you and your employees while out on the road driving company-owned or rented vehicles for business purposes. It can also help protect your business if your employee drives their own vehicle for business errands. In most states, it’s required to have commercial auto insurance if your business owns, leases or rents any vehicles that are used for work. Be sure to check with your local laws to find out if you need this coverage.

How To Decide What Types of Commercial Property Insurance Your Business Needs

When you’re thinking about what types of coverage you need for your business, you should ask yourself these questions:
1. What type of property do you own or lease?
This includes buildings, equipment, tools, furniture and other assets. The type of property you have will influence what coverages you need.
2. What potential risks do you face in your location?
Consider your physical location of your business and the risks you face, like floods, hurricanes, earthquakes or other natural disasters. This will help you determine if you need commercial flood insurance too.
3. How much is your property worth?
Assess the total value of your property to help determine what your coverage limits should be. This assessment should include buildings and other physical assets that your business uses for your day-to-day operations.
4. Do you have business interruption concerns?
Consider how much it would cost your business to be out of operation for a few days or a few weeks. Business interruption insurance can help cover your lost income and necessary operating expenses, like payroll, if you must temporarily close your business due to a covered loss.
5. Do you have valuable or specialized equipment?
If your business relies on specific machinery, computer systems or specialized equipment to get the job done, you should consider getting equipment breakdown insurance. This coverage can help cover the costs to repair or replace important equipment if it’s damaged or destroyed because of an internal issue, like a power surge or part failure.
6. Do you own any company vehicles?
If your business uses any vehicles for business operations, you’ll likely need commercial auto insurance. In most states, it’s required to have commercial auto insurance coverage. It’s essential to financially protect your business from having to pay for costly repairs or liability claims from an accident that happens while you or your employee was driving for work reasons.
7. Have you reviewed your lease agreements or contractual requirements?
Some lease agreements or contracts may require you to have specific types of insurance coverage, like glass insurance. This is often due to the likelihood of incidents happening or the cost of repairing certain things. Be sure to review your business’ lease agreements and any contracts to make sure you are meeting your insurance requirements.

Types of Commercial Property Insurance FAQs

The three types of commercial property insurance coverages are:
  • Replacement cost coverage: The amount it will cost to replace an item with something similar or the same.
  • Actual cash value coverage: The amount it will cost to replace an item, minus depreciation (meaning how old it is or its condition).
  • Extended replacement cost coverage: This endorsement helps pay for expenses that you can’t plan for and are above your set policy coverage limits, like the cost of reconstruction increasing due to inflation.
General liability insurance helps protect your business from claims that your business caused bodily injury or property damage to a third party. It can also help protect your business financially if someone sues you for advertising injury. With commercial property insurance, your business’ physical location, equipment and physical assets are protected if they’re destroyed or damaged from a covered loss like fire, theft, burglary or lightning.
A standard commercial property insurance covers business’ physical assets and owned or rented property from specific perils, such as:
  • Incendio
  • Burglary 
  • Robo
  • Viento
  • Relámpagos

Get a Quote for Commercial Property Insurance or Other Coverages Today

We know how important it is to protect your business and livelihood. Our specialists are here to help you find the coverage you’re looking for and can help you fully customize a policy to your unique needs. Obtenga una cotización hoy or call our team at 855-829-1683 to learn more about commercial property insurance.
Última actualización: 16 de abril de 2024
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