Commercial Property insurance – Protect what you have Built
The commercial property insurance covers the physical assets of your business —your local, inventory, furniture and equipment— against events such as fire, theft, vandalism, and weather related damage. Given that hurricanes and tropical storms pose a risk constant and serious, having proper coverage is a fundamental part to safeguard everything that has worked to build. In All Insurance, quote your coverage without charge, and in the language that you prefer.
What is Commercial Property Insurance, and what it protects?
The commercial property insurance is a policy that covers the physical assets of a company against loss or damage caused by specific events listed in the contract. Unlike general liability insurance —responding to claims of third parties, this policy is triggered when the assets of the business are damaged or destroyed.
The assets covered may include the building or premises where it operates the business (if you are the owner), the inner content such as furniture, machinery, and equipment, product inventory, and in many plans, the income that the business lost during a forced closure resulting from a covered loss.
Featured: If you rent the place where your business operates, the property insurance of your landlord covers the building structure —but does not cover your inventory, your computer or your furniture. As a tenant, you need your own policy to protect the assets he brings to the interior.
What does the Insurance cover for Commercial Property?
Coverages vary according to the insurer and the type of plan. These are the most common categories in the market:
Building or own local: If you are the owner of the property, the policy covers structural damage by hazards such as fire, storm, vandalism and other events depending on the coverage selected.
Content and inventory: Covers the goods inside your premises: office furniture, equipment, computers, machinery, tools, and inventory of products. This is the coverage that is most relevant to tenants.
Business interruption Business Interruption): When a covered event forces a temporary closure, this coverage compensates for the income that the business ceases to perceive. You can also cover fixed expenses like rent and payroll.
Equipment and specialized machinery: For businesses that depend on high-value equipment (industrial kitchens, medical devices, servers, technological), there are specific provisions that go beyond the standard coverage of content.
Special considerations for Business
Florida presents a profile of climate risk other than that directly affects the policies of commercial property. It is important to understand how to manage these risks:
Hurricanes and damage by wind
Coverage against damage by wind can be included in a standard policy or require a separate policy, particularly in coastal areas. In many cases, the deductible that applies to damage by hurricane was calculated as a percentage of the insured valuenot as a fixed dollar amount.
Flood (Flood)
Flood coverage is not included in the standard policies of commercial property. To obtain it requires a separate policy, either through the National Program of Flood Insurance (NFIP) or in the private market. It is advisable to consider it, even outside of areas of high risk.
STANDARD COVERAGE VS. SEPARATE
| Type of Risk | What is included in a standard policy? | Note |
|---|---|---|
| Fire | Generally yes | One of the risks most commonly covered |
| Theft and vandalism | Generally yes | Check exclusions, and limits of the plan |
| Damage by wind/hurricane | Varies — See | May require an endorsement or separate policy on the coast |
| Hail and storm | Generally yes | Subject to deductibles and limits of the plan |
| Flood (Flood) | Non — separate Policy | NFIP or private market; check with your advisor |
| Earthquake | Non — separate Policy | Rare but available |
| Business interruption | Optional coverage | Should be added as supplemental coverage |
How to get your insurance: step-by-Step
Tell us about your business and its assets: Contact us and share what type of business you have, if you are an owner or a tenant, what are their most valuable assets, and in what county operates.
We evaluated the risk profile of its location: We analyze specific risks such as proximity to the coast, a history of storms and if it is located in a flood zone designated.
We explain your options: We present plans with their coverages, exclusions, deductibles, and clear costs, including additional coverages important as flood, or interruption of business.
We issue your policy: Once you have chosen the plan, we completed the issuance. We recommend that you save a digital copy of your policy in a safe place outside of your business to streamline any future claim.
Frequently asked questions
Does commercial property insurance cover hurricane damage?
In most cases, yes; damage by wind is usually covered. However, the terms vary and in coastal areas may require an endorsement separately. The deductible of a hurricane is usually a percentage of the insured value.
What if I rent my local, even so do I need this insurance?
Yes. Your landlord's insurance covers the structure of the building, not your possessions. Protect your inventory, equipment, furniture and it is your responsibility as a tenant.
What is the interruption insurance business?
It is an additional coverage that compensates for the income that your business loses when a covered event forces a temporary closure, helping you to pay for fixed expenses such as rent while re-operate.
What is a BOP and when it should be?
A Business Owners Policy (BOP) groups the general liability and commercial property in a single policy. Tends to be more economic than buying individual coverage separately and is ideal for small and medium-sized enterprises.
Are you ready to protect the assets of your business?
Your inventory, your team and your local represent years of investment. Our consultants analyze your business without the cost and help you find the coverage that adapts to the real risks of your industry and your area.
Contact us
We are here to help you and be attentive to what you need