Commercial property insurance

1. Commercial Property Insurance Secure your business assets

2. What is commercial property insurance? It is insurance policy that protects the business’s tangible assets from perils such as fire, theft, and natural disaster.  Property insurance helps companies protect all the properties vital for daily operations, extending not only to buildings and offices but also inventory, furniture, or any physical asset. 

3. Levels of coverages provided by commercial property insurance You can choose the level of the coverage required for your business. • Basic form policy: It covers standard natural disasters, fire, and theft. For most businesses, this policy should suffice.     • Broad form policy: It covers everything that a basic form of policy covers. In addition to that, it protects from falling objects, water damage, and collapsing structures.     • Special form policy: It covers everything until there are any exclusions in the policy form.    

4. What does commercial property insurance cover? Following are the coverages provided by this policy: • Bankruptcy • Reputation • Legal trouble • Spoiled inventory • The building or office space • Contents within the building • Other people’s property • Signs and marquees • Loss of business income 

5. Endorsements of commercial property insurance • Business ordinance coverage: Provided when you need to rebuild or restructure your business after a covered loss. • Commercial umbrella insurance: helps you add an extra layer of liability coverage when underlying policy reaches it limit. • Business crime insurance: It helps you replace the property that’s stolen by your employee or outsider.    • Inland marine insurance:  Helps cover the loss for supplies or property stolen during transit from one location to another. • Valuable paper coverage: Helps you protect your valuable papers on an all-risk rather than a named peril basis.    • Spoilage coverage: Helps you reimburse the cost for inventory ruined in power outages.   

6. Exclusion of commercial property insurance The policy will not cover for any loss or damages caused due to the following: War (Example: terror attack, damage form missiles etc.) Earthquake Certain smoke  Certain fire

7. Factors that determine commercial property insurance rates The factors that impact property insurance costs are: • Size of business premises • Geography • Age of building • Type and age of equipment • Types of hazards covered • Property valuation method • Safety and security • Construction • Protection

8. Look at commercial property insurance as an investment to secure your company's future.