Deciding on the right amount and type of commercial property insurance your business needs is important. Commercial property insurance protects against building damage, personal property loss and can offer a variety of coverages to meet your needs.
There are four primary coverages for commercial property insurance and their viability for your business is determined by your industry.
- Building and Personal Property. In addition to buildings and structures, this type of commercial property insurance coverage includes complete additions to the covered buildings, outdoor fixtures, permanent fixtures, machinery and equipment on your property.
- Equipment in Transit. If your business owns goods that may be shipped over the road, by air or by sea, you may need transit coverage. Most commercial property insurance policies only cover property loss on or near the premises, so this coverage could be vital. Often, common insurance carriers have limited coverage; when you control the insurance on your goods, you can rest assured a quicker loss settlement for the appropriate amount.
- Business Interruption and Extra Expense. This type of commercial property insurance coverage pays the expenses that continue and the profits that would have been earned during the period of interruption resulting from direct damages from an insured peril.
- Machinery and Equipment. Most commercial property policies exclude coverage for a breakdown of machinery and equipment; therefore, a separate policy is needed. Examples of this include boilers, pressure vessels, computerized equipment, refrigeration and more.
To find out what would be best for your business, large or small, contact us at Turner, Wood and Smith, your insurance partner since 1905.