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Fire & Water - Cleanup & Restoration

What's Covered Under Commercial Property Insurance?

4/27/2021 (Permalink)

two air movers placed on the floor used to circulate air Air movers circulating air after fire damage in a building.

Key Facts About Commercial Property Insurance

As a business owner, you understand the importance of insurance for the success of your business. Having the correct type of commercial insurance, along with a sufficient amount of coverage, often makes the difference between whether a business recovers or folds after a disaster. A solid understanding of the various types of commercial policies can help you make sure you have the right coverage in place. Property insurance is one of the most common policy types for Oneta, OK, businesses. 

1. What Kinds of Property Does a Commercial Property Policy Protect?
Commercial property insurance is similar to homeowners insurance, but with policies specifically tailored to covering business needs. Most policies cover, at a minimum, the building where your business is located. Specific coverage inclusions vary, but your property insurance might also cover other property, such as:

  • Exterior buildings, fences, signs, and gates
  • Business equipment, including office equipment
  • Inventory
  • Documents and records

2. What Types of Damage Does Commercial Property Insurance Cover?
While commercial insurance coverage varies among insurers, most commercial property policies pay the cost to replace or repair covered property if the property is stolen or damaged due to theft, fire, and most natural disasters. For example, if your business building suffers fire damage, your commercial property insurance will ordinarily cover the cost of structural repairs, smoke damage remediation expenses, and the cost to replace covered property that was destroyed.

3. What’s Not Covered Under a Commercial Property Policy?
In general, if a piece of property or a type of damage can be covered under another type of insurance policy, it is usually excluded from coverage under your property insurance. A company car, for example, would typically not be covered because it can be covered under a commercial auto policy instead. Also, most commercial property policies specifically exclude damage caused by flooding.
Commercial property insurance coverage works in connection with other types of commercial insurance to help your business recover after a loss.

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