If you own commercial property that you rent out to other business owners or use for your own business, then you need commercial property insurance. Commercial property insurance is used to cover real property, like buildings, factories, etc. It is not to be confused with business personal property which is used to cover the contents of a business like electronics, stock and furniture.
What does commercial property insurance cover?
This coverage covers the exterior and interior walls, roof and ceiling of your property. In addition, it covers additions, outbuildings, outdoor fixtures, and more. In some cases it covers machinery, appliances, and floor covering—generally only if these items are a built-in, permanent part of the property.
Commercial property insurance does not cover the contents of any of your buildings or the vehicles around it. In addition, it does not cover any additions that are currently under construction. These can be covered by builders risk coverage.
Lastly, this insurance does not cover injuries and losses of others on the premises. Commercial property insurance is intended to cover losses that affect the building itself, not liabilities that occur inside or outside of it.
Is commercial property insurance similar to other property insurance coverages?
Yes. Commercial property insurance has deductibles and limits just like any other type of property insurance coverage. In addition, your policy may have certain exclusions that you should pay close attention to. Reading your policy once you receive it will help you better understand what is and isn’t covered.
Are additional coverages obtainable?
Yes. You can also choose to have coverage added to your policy for the following:
Pollutant cleanup and removal: If you have pollutants present in the land or water of your business due to an insurable incident, this coverage may pay for their extraction.
Debris removal: If an insurable incident cause’s debris to be deposited on your commercial property, this additional coverage will pay for its removal, provided it exceeds the deductible.
Outdoor property: This covers outdoor items like fencing, plants, signs and satellite dishes in the event of an insurable incident.
Commercial property insurance is a vital protection for any real business property owner to carry. It helps protect the bulk of your investment from the losses that fires, storms, vandalism and other insurable incidents can create and protects your savings from being accessed to pay for repairs that make your business property usable again.
Make sure you have the best options for your Colorado Business Insurance needs with Premier Group Insurance today!