Commercial Insurance Coverage: What Is Property Insurance?

Business property insurance, also known as commercial property insurance, covers you in the event of a covered loss. It’s much like a homeowners insurance policy but for work premises. If your place of business is broken into, robbed or vandalized, you will be covered to replace and repair your property to its original condition. If your tools or equipment are stolen or if they get destroyed in a fire, you will be covered if you have property insurance. Your inventory, furniture, computers and outdoor fixtures and fencing would also be covered by business property insurance.

Covered perils include fire damage, which is a very important risk for many businesses, including restaurants, which often experience kitchen fires. Customer injuries are also covered by property insurance, so if you own a retail shop and someone trips, falls and gets hurt, you’re covered for the associated costs.

If someone breaks into your place of business and steals documents, computers, televisions or whatever wares you sell, you would be covered for the cost of replacing the stolen items. Income loss is also covered in a business property insurance policy. Let’s say there was a tornado that made your business uninhabitable for a week, your business property can help recover lost income while repairs are being made.

A good business insurance agent will pair you up with an insurance company that will mitigate your business’s risk. They will customize a policy that fits the scope of what you do and the hazards you will face. Get multiple free business insurance quotes and be paired up with a trusted agent.

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